452A.85 Tax payment for stored motor fuel, ethanol blended gasoline, special fuel, compressed natural gas, liquefied natural gas, liquefied petroleum gas, and hydrogen.
1. Persons having title to motor fuel, ethanol blended gasoline, undyed special fuel, compressed natural gas, liquefied natural gas, liquefied petroleum gas, or hydrogen 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, liquefied petroleum gas, or hydrogen 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, liquefied petroleum gas, or hydrogen 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; 2019 Acts, ch 151, §15, 17
Structure Iowa Code
Chapter 452A - MOTOR FUEL AND SPECIAL FUEL TAXES
Section 452A.3 - Levy of excise tax.
Section 452A.5 - Distribution allowance.
Section 452A.6 - Ethanol blended gasoline and other products — blender’s license.
Section 452A.7 - Foreign suppliers.
Section 452A.8 - Tax reports — computation and payment of tax — credits.
Section 452A.10 - Required records.
Section 452A.12 - Loading and delivery evidence on transportation equipment.
Section 452A.13 - Evidence produced upon request.
Section 452A.15 - Transportation reports — refinery and pipeline and marine terminal reports.
Section 452A.18 - Refund permit.
Section 452A.19 - Revocation of refund permit.
Section 452A.20 - Posting price and discounts.
Section 452A.21 - Refund — credit.
Section 452A.22 - Tax collected on exempt fuel.
Section 452A.31 - Special terms.
Section 452A.32 - Schedule for averaging ethanol content in E-85 gasoline.
Section 452A.33 - Reporting requirements.
Section 452A.50 - Short title.
Section 452A.52 - Fuels imported in supply tanks of motor vehicles.
Section 452A.53 - Permit or license.
Section 452A.54 - Fuel tax computation — refund — reporting and payment.
Section 452A.56 - Interstate motor fuel tax — reciprocity agreements.
Section 452A.57 - Definitions.
Section 452A.58 - Commercial motor vehicles on lease.
Section 452A.59 - Administrative rules.
Section 452A.60 - Forms of report, refund claim, and records.
Section 452A.61 - Timely filing of reports and returns — extension.
Section 452A.62 - Inspection of records.
Section 452A.63 - Information confidential.
Section 452A.64 - Failure to file return — incorrect return.
Section 452A.66 - Statutes applicable to motor fuel tax.
Section 452A.67 - Limitation on collection proceedings.
Section 452A.69 - Hearings before state agency.
Section 452A.70 - Discontinuance of licensed activity — liability for taxes and penalties.
Section 452A.71 - Refund of tax on fuel lost as result of casualty.
Section 452A.72 - Refund for fuel taxes erroneously or illegally collected or paid.
Section 452A.73 - Embezzlement of fuel tax money — penalty.
Section 452A.74 - Unlawful acts — penalty.
Section 452A.74A - Additional penalty and enforcement provisions.
Section 452A.75 - Penalty for false certificate.
Section 452A.76 - Enforcement authority.
Section 452A.77 - Moneys deposited in treasury — refunds — administration.
Section 452A.78 - Other remedies available.
Section 452A.79 - Use of revenue.
Section 452A.79A - Marine fuel tax fund.
Section 452A.80 - Microfilm or photographic copies — originals destroyed.
Section 452A.81 - Agreement for refund of federal tax.
Section 452A.82 - Aviation fuel tax fund.