2014 -- S 2869 | |
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LC005317 | |
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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: Senators Walaska, and Ruggerio | |
Date Introduced: April 09, 2014 | |
Referred To: Senate 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 ANNUAL TAXES AMOUNT OF BOND |
15 | $ 0 to $ 1,000,000 $ 250,000 |
16 | $ 1,000,001 to $ 1,500,000 $ 350,000 |
17 | $ 1,500,001 to $ 2,000,000 $ 500,000 |
18 | $ 2,000,001 to $ 2,500,000 $ 600,000 |
19 | $ 2,500,001 to $ 3,000,000 $ 700,000 |
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1 | $ 3,000,001 to $ 5,000,000 $1,000,000 |
2 | $ 5,000,001 to $10,000,000 $2,000,000 |
3 | $10,000,001 to $15,000,000 $3,000,000 |
4 | $15,000,001 to $25,000,000 $4,000,000 |
5 | $25,000,001 and Over $5,000,000 |
6 | (c) In no event shall the amount of the bond in this section exceed five million dollars |
7 | ($5,000,000). |
8 | 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 would exempt motor fuel distributors that have paid all required taxes for three |
2 | (3) consecutive years from depositing a surety bond with the division of taxation, as long as the |
3 | distributor remains in good standing. |
4 | This act would take effect upon passage. |
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