Does the Gas Tax Hike Affect Home Heating Oil?
Many customers have asked us if the Petroleum Gross Receipts Tax (PGRT) increase that took effect on November 1 will have any impact on heating oil prices.
The short, sweet answer is, No.
Residential heating oil is exempt from the increase. The $.23/gallon tax hike will affect many other petroleum products, including diesel fuel and lubricating oils.
So you can relax (at least about home heating oil). There will be no additional tax on your heating oil this fall, and the tax on gasoline (to fund infrastructure projects) will be somewhat offset by other tax cuts, to soften the blow of the hike at the pump and boost the economy.
Included in the tax cuts is the elimination of the estate tax, a new tax deduction for veterans, a big tax break for retirees, a slight reduction in the sales tax and an increase in the Earned Income Tax Credit for the working poor. These changes will be rolled out in phases over the next 4-5 years. This article offers a good summary and more information.