2006 Code of Virginia § 58.1-2234 - Monthly reconciling returns

58.1-2234. Monthly reconciling returns.

A. A licensed distributor or a licensed importer who deducts exempt salesunder subsection A of 58.1-2233 or sales of aviation jet fuel to a licensedaviation consumer under subsection B of 58.1-2233 when paying tax to asupplier shall file a monthly reconciling return for the exempt sales andsales to a licensed aviation consumer. The return shall list the followinginformation and any other information required by the Commissioner:

1. The number of gallons for which a deduction was taken during the month, bysupplier;

2. The number of gallons sold in exempt sales during the month, by type ofsale, and the purchasers of the fuel in the exempt sales; and

3. The number of gallons of aviation jet fuel sold without collection of thetax during the month, and the purchasers of the fuel.

B. If the number of gallons for which a licensed distributor or licensedimporter takes a deduction during a month exceeds the number of exemptgallons sold or, in the case of aviation jet fuel, the number of gallons soldwithout collection of the tax, the licensed distributor or licensed importershall pay tax on the difference at the rate imposed by 58.1-2217. Thelicensed distributor or licensed importer shall not be allowed a percentagediscount on any tax payable under this subsection.

C. If the number of gallons for which a licensed distributor or licensedimporter takes a deduction during a month is less than the number of exemptgallons sold or, in the case of aviation jet fuel, is less than the number ofgallons sold without collection of the tax, the Commissioner shall refund theamount of tax paid on the difference. The Commissioner shall reduce theamount of the refund by the amount of the percentage discount received on thefuel.

(2000, cc. 729, 758.)