SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
1998 SESSION
HB 1198 Fuels tax.
Introduced by: John A. Rollison III | all patrons ... notes | add to my profiles
SUMMARY:
Fuels tax. Changes the procedures for collecting and remitting fuels taxes and rewrites the fuels tax laws. Motor fuels tax is imposed at the point fuel is removed from a terminal. Licensed suppliers holding an inventory position in motor fuel in a terminal are required to remit the tax to the Department of Motor Vehicles (DMV) by the fifth day of the second month following the removal. Currently, fuel tax payments are remitted to DMV by dealers and jobbers. Licensed distributors removing fuel from a terminal and certain importers shall not be required to pay the tax to the licensed supplier until the date the supplier is required to pay the tax to DMV. A licensed supplier acts as trustee for tax payments received. Out-of-state suppliers of imported fuel may act as trustee and remit taxes to DMV; otherwise, the tax must be remitted by a licensed importer. Refiners, terminal operators, bonded importers and suppliers must post a $2 million bond. Other businesses must post a bond for three times their average monthly liability, up to $300,000. Licensees may be required to file tax returns electronically. Suppliers and bonded importers are required to remit tax payments by electronic funds transfer. Suppliers are provided a collection allowance of 0.1 percent, up to $5,000 per month. Distributors and certain importers are provided an allowance of 0.5 percent, with no cap, in lieu of the current collection allowance. The measure includes special provisions relating to taxes on alternative fuels. A floorstocks tax is imposed on fuel held in storage on the effective date of the act. The felonies listed in the act are felonies under the existing fuels tax laws. Other violations of the fuel tax laws are punishable with civil penalties or as misdemeanors. The measure takes effect January 1, 1999.
FULL TEXT
HISTORY
- 01/26/98 House: Presented & ordered printed 985403811
- 01/26/98 House: Referred to Committee on Finance
- 02/11/98 House: Passed by indefinitely in Finance (21-Y 1-N)