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Title X TAXATION AND REVENUE

Chapter 142

previous next Effective - 28 Aug 1999bottom

  142.896.  Distributors' bond — motor fuel trust fund created. — 1.  Distributors shall be required to post a bond of not less than three months' total liability based on the number of gallons handled as estimated by the director, with a maximum amount of one hundred and fifty thousand dollars for gasoline and diesel fuel separately.

  2.  The tax on the motor fuel imported shall not be considered part of potential liability for calculation of the bond required of a distributor's license if the nonexempt motor fuels meet the following conditions:

  (1)  All of the motor fuel is subject to one or more tax precollection agreements to remit the motor fuel tax of this state to the supplier or permissive supplier as trustee with respect to the imports, as provided pursuant to section 142.839; and

  (2)  The director has determined that all border states have adopted terminal reporting requirements adequate for the mutual enforcement of this chapter.

  3.  If a distributor qualifies pursuant to subsection 3 of section 142.851 and was not required to have a bond posted pursuant to the predecessor act, then such distributor may elect to either post the bond as set out in this subsection or participate in a cash bond as set out below.  The cash bond shall be held by the director in a "Motor Fuel Bond Trust Fund", which is hereby created, for the benefit of the participating distributors.  The bond shall be used solely for the purpose of preventing a loss to the state for motor fuel taxes, surcharges and fees not paid.  No distributor shall have any claim or rights against the fund as a separate person.  Contributions to the fund will be made at the rate as defined in regulations promulgated by the director of the department of revenue.  Contributions will be remitted by the participating distributors through the suppliers under the same procedures as set out for remitting of motor fuel taxes set out in this chapter.  The director shall notify the suppliers of which distributors have elected to participate, when the contributions are required and when the fund has reached its maximum.  At that time no further contributions will be required until the fund has been depleted to the minimum amount established by regulation, at which time the director shall notify the distributors and suppliers to resume contributions at the defined rate.  In the event the director has made a demand for payment from a participating distributor in this fund, and such demand has not been satisfied within ninety days, the director shall use the cash bond to satisfy the delinquency.  Such action shall not affect the liability of the distributor for the tax or prevent the director from taking other actions permitted by this chapter.

  4.  After the expiration of three consecutive years of satisfactory tax compliance, as determined by the director, a licensed distributor will be eligible to participate in the pool bond in lieu of furnishing any other type of bond.  The licensed distributor will be required to pay into the pool bond for a minimum of one year regardless whether the pool bond has reached its maximum or not.

  5.  The director shall compile a monthly report of all activities regarding the motor fuel bond fund including the name and license number of all licensees who have had a claim made against them, and the report shall be made available to pool members.

  6.  A distributor is required to remit the tax due on the last day of the succeeding month and file reports prescribed by the director.

  7.  Each licensed distributor shall report such information as required by the director including, but not limited to imports of motor fuel, exports of motor fuel, blending of motor fuels, all receipts of motor fuel, all receipts and sales of dyed fuel, all receipts and sales of tax-free undyed kerosene and the transporting of motor fuel or blend stocks for or on behalf of others.

  8.  The report required by this section shall be due on the last day of each month with respect to information required for the next preceding calendar month.

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(L. 1998 S.B. 619, A.L. 1999 S.B. 414)


---- end of effective   28 Aug 1999 ----

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