2014 -- H 7971 SUBSTITUTE A
Enacted 07/08/14
A N A C T
RELATING TO MOTOR AND OTHER VEHICLES - MOTOR FUEL TAX
Introduced By: Representatives Ucci, Serpa, Fellela, Costantino, and Lima
Date Introduced: March 20, 2014
It is enacted by the General Assembly as follows:
SECTION 1. Section 31-36-3 of the General Laws in Chapter 31-36 entitled "Motor Fuel Tax" is hereby amended to read as follows:
31-36-3. Bond of a motor fuel distributor. -- (a)
Before the division of taxation shall register a distributor as provided in section §31-36-2,
the distributor shall deposit with the Division of Taxation a surety bond
running to the general treasurer and in form and substance approved by the
division, in amount based upon an estimate of the average annual tax to be paid
by the distributor as set forth in subsection (b) of this section, with any
surety, if any, that the division may require, conditioned to pay any final
judgment obtained against the principal named in the bond for failure to pay
any and all taxes assessed under the provisions of this chapter. Provided, however, that any distributor that has paid all
taxes assessed under this chapter for three (3) consecutive years shall be
exempt from depositing a surety bond thereafter as long as the distributor
remains in good standing. In the event a distributor fails to remain in good
standing the division shall notify the distributor of the requirement to obtain
a new surety bond that must be secured within thirty (30) days of said notice.
Any distributor that fails to secure the bond as required under this section shall
forfeit its certificate of registration, provided for in § 31-36-2, until such
time as the division receives proof that the bond has been secured.
(b)
AVERAGE ESTIMATE OF AMOUNT OF BOND ANNUAL TAXES
$0 to $ 1,000,000 $250,000
$1,000,001 to $1,500,000 $350,000
$1,500,001 to $2,000,000 $500,000
$2,000,001 to $ 2,500,000 $600,000
$2,500,001 to $3,000,000 $700,000
$3,000,001 to $5,000,000 $1,000,000
$5,000,001 to $10,000,000 $2,000,000
$10,000,001 to $15,000,000 $3,000,000
$15,000,001 to $25,000,000 $4,000,000
$25,000,001 and Over $5,000,000
(c) In no event shall the amount of the bond in this section exceed five million dollars ($5,000,000).
SECTION 2. This act shall take effect upon passage.
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LC005228/SUB A
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