Inventory tax; imposition; computation; listed tax
Sec. 209. (a) Persons having title to gasoline in storage and held
for sale on the effective date of an increase in the license tax rate
imposed under section 201 of this chapter are subject to an inventory
tax based upon the gallonage in storage as of the close of the
business day preceding the effective date of the increased license tax
rate.
(b) Persons subject to the tax imposed under this section shall:
(1) take an inventory to determine the gallonage in storage for
purposes of determining the inventory tax;
(2) report that gallonage on forms provided by the
administrator; and
(3) pay the tax due within thirty (30) days of the prescribed
inventory date.
(c) The amount of the inventory tax is equal to the inventory tax
rate times the gallonage in storage as determined under subsection
(a). The inventory tax rate is equal to the difference of the increased
license tax rate minus the previous license tax rate.
(d) The inventory tax shall be considered a listed tax for the
purposes of IC 6-8.1.
As added by P.L.59-1985, SEC.10.
Last modified: May 28, 2006