Introduced Version
HOUSE BILL No. 1466
_____
DIGEST OF INTRODUCED BILL
Citations Affected: IC 6-2.5-7-14.
Synopsis: Sales tax prepayment rate for gasoline. Requires the
department of state revenue to determine a new sales tax prepayment
rate on gasoline every three months. Requires the prepayment rate to
be published in the Indiana Register in March and September (in
addition to June and December). Reduces the cap used in the
prepayment formula to offset the determination being made four times
per year instead of twice per year.
Effective: Upon passage.
Espich
January 14, 2009, read first time and referred to Committee on Ways and Means.
Introduced
First Regular Session 116th General Assembly (2009)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
Constitution) is being amended, the text of the existing provision will appear in this style type,
additions will appear in
this style type, and deletions will appear in
this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional
provision adopted), the text of the new provision will appear in
this style type. Also, the
word
NEW will appear in that style type in the introductory clause of each SECTION that adds
a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in
this style type or
this style type reconciles conflicts
between statutes enacted by the 2008 Regular Session of the General Assembly.
HOUSE BILL No. 1466
A BILL FOR AN ACT to amend the Indiana Code concerning
taxation.
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 6-2.5-7-14; (09)IN1466.1.1. -->
SECTION 1. IC 6-2.5-7-14, AS AMENDED BY P.L.176-2006,
SECTION 2, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE
UPON PASSAGE]: Sec. 14. (a) Before
March 10, June 10,
September 10, and December 10 of each year, the department shall
determine and provide to:
(1) each refiner and terminal operator and each qualified
distributor known to the department to be required to collect
prepayments of the state gross retail tax under this chapter; and
(2) any other person that makes a request;
a notice of the prepayment rate to be used during the following
six (6)
three (3) month period. The department shall also have the prepayment
rate published in the
Indiana Register in March, June,
September,
and December.
issues of the Indiana Register.
(b) In determining the prepayment rate under this section, the
department shall use the most recent retail price of gasoline available
to the department.
(c) The prepayment rate per gallon of gasoline determined by the
department under this section is the amount per gallon of gasoline
determined under STEP FOUR of the following formula:
STEP ONE: Determine the statewide average retail price per
gallon of gasoline, excluding the Indiana and federal gasoline
taxes and the Indiana gross retail tax.
STEP TWO: Determine the product of the following:
(A) The STEP ONE amount.
(B) The Indiana gross retail tax rate.
(C) Ninety percent (90%).
STEP THREE: Determine the lesser of:
(A) the STEP TWO result; or
(B) the product of:
(i) the prepayment rate in effect on the day immediately
preceding the day on which the prepayment rate is
redetermined under this section; multiplied by
(ii) one hundred twenty-five twelve and five-tenths percent
(125%). (112.5%).
STEP FOUR: Round the STEP THREE result to the nearest
one-tenth of one cent ($0.001).
SOURCE: ; (09)IN1466.1.2. -->
SECTION 2. [EFFECTIVE UPON PASSAGE] (a) The
prepayment rate determined under IC 6-2.5-7-14, as amended by
this act, that will take effect July 1, 2009, applies only in July,
August, and September 2009.
(b) This SECTION expires December 31, 2010.
SOURCE: ; (09)IN1466.1.3. -->
SECTION 3.
An emergency is declared for this act.