2014 -- H 7971 | |
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LC005228 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2014 | |
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A N A C T | |
RELATING TO MOTOR AND OTHER VEHICLES - MOTOR FUEL TAX | |
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Introduced By: Representatives Ucci, Serpa, Fellela, Costantino, and Lima | |
Date Introduced: March 20, 2014 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 31-36-3 of the General Laws in Chapter 31-36 entitled "Motor Fuel |
2 | Tax" is hereby amended to read as follows: |
3 | 31-36-3. Bond of a motor fuel distributor. -- (a) Before the division of taxation shall |
4 | register a distributor as provided in section 31-36-2, the distributor shall deposit with the Division |
5 | of Taxation a surety bond running to the general treasurer and in form and substance approved by |
6 | the division, in amount based upon an estimate of the average annual tax to be paid by the |
7 | distributor as set forth in subsection (b) of this section, with any surety if any that the division |
8 | may require, conditioned to pay any final judgment obtained against the principal named in the |
9 | bond for failure to pay any and all taxes assessed under the provisions of this chapter. Provided, |
10 | however, that any distributor that has paid all taxes assessed under this chapter for three (3) |
11 | consecutive years shall be exempt from depositing a surety bond thereafter as long as the |
12 | distributor remains in good standing. |
13 | (b) |
14 | AVERAGE ESTIMATE OF AMOUNT OF BOND |
15 | ANNUAL TAXES |
16 | $0 to $ 1,000,000 $250,000 |
17 | $1,000,001 to $1,500,000 $350,000 |
18 | $1,500,001 to $2,000,000 $500,000 |
19 | $2,000,001 to $ 2,500,000 $600,000 |
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1 | $2,500,001 to $3,000,000 $700,000 |
2 | $3,000,001 to $5,000,000 $1,000,000 |
3 | $5,000,001 to $10,000,000 $2,000,000 |
4 | $10,000,001 to $15,000,000 $3,000,000 |
5 | $15,000,001 to $25,000,000 $4,000,000 |
6 | $25,000,001 and Over $5,000,000 |
7 | (c) In no event shall the amount of the bond in this section exceed five million dollars |
8 | ($5,000,000). |
9 | SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
BY THE LEGISLATIVE COUNCIL | |
OF | |
A N A C T | |
RELATING TO MOTOR AND OTHER VEHICLES - MOTOR FUEL TAX | |
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1 | This act eliminates the requirement that fuel distributors post a surety bond provided the |
2 | distributor has paid all taxes assessed for a period of three (3) consecutive years and remains in |
3 | good standing with the Division of Taxation. |
4 | This act would take effect upon passage. |
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