2017 Iowa Code Title X - FINANCIAL RESOURCES Chapter 452A - MOTOR FUEL AND SPECIAL FUEL TAXES Section 452A.85 - Tax payment for stored motor fuel, ethanol blended gasoline, special fuel, compressed natural gas, liquefied natural gas, and liquefied petroleum gas — penalty.
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MOTOR FUEL AND SPECIAL FUEL TAXES, §452A.85
452A.85 Tax payment for stored motor fuel, ethanol blended gasoline, special fuel,
compressed natural gas, liquefied natural gas, and liquefied petroleum gas — penalty.
1. Persons having title to motor fuel, ethanol blended gasoline, undyed special fuel,
compressed natural gas, liquefied natural gas, or liquefied petroleum gas in storage and held
for sale on the effective date of an increase in the excise tax rate imposed on motor fuel,
ethanol blended gasoline, undyed special fuel, compressed natural gas, liquefied natural
gas, or liquefied petroleum gas under this chapter shall be 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 excise tax rate of motor fuel, ethanol blended gasoline, undyed special
fuel, compressed natural gas, liquefied natural gas, or liquefied petroleum gas which will be
subject to the increased excise tax rate.
2. Persons subject to the tax imposed under this section shall take an inventory to
determine the gallonage in storage for purposes of determining the tax and shall report
the gallonage and pay the tax due within thirty days of the prescribed inventory date.
The department of revenue shall adopt rules pursuant to chapter 17A as are necessary to
administer this section.
3. The amount of the inventory tax is equal to the inventory tax rate times the gallonage
in storage as determined under subsection 1. The inventory tax rate is equal to the difference
of the increased excise tax rate less the previous excise tax rate.
4. This section does not apply to an increase in the tax rate of a specified fuel, except for
compressed natural gas, unless the increase in the tax rate of that fuel is in excess of one-half
cent per gallon.
[C81, §324.85]
91 Acts, ch 87, §10
C93, §452A.85
95 Acts, ch 155, §40, 44; 2003 Acts, ch 145, §286; 2005 Acts, ch 140, §67; 2014 Acts, ch 1032,
§12
Persons having title to motor fuel, ethanol blended gasoline, undyed special fuel, compressed natural gas, liquefied natural gas, or
liquefied petroleum gas in storage and held for sale on March 1, 2015, shall not be subject to an inventory tax on the gallonage in storage
as a result of excise tax increases under 2015 Acts, ch 2; 2015 Acts, ch 2, §13, 15
Wed Feb 08 03:48:51 2017
Iowa Code 2017, Section 452A.85 (14, 1)
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