§818.18.  Floor-stocks tax

A.  There is hereby imposed a floor-stocks tax on gasoline or diesel fuel owned by any person on July 1, 2006, if:

(1)  No tax was imposed on the gasoline under R.S. 47:711 or diesel fuel under R.S. 47:802 as it existed on July 1, 2006; and

(2)  Tax would have been imposed on the gasoline or diesel fuel by this Act¹ had the provisions been in effect for the periods prior to July 1, 2006.

B.  The rate of the tax imposed by this Section shall be the amount of tax imposed under this Part on July 1, 2006.

C.  Any person owning gasoline or diesel fuel on July 1, 2006, to which the tax imposed by this Section applies, shall be liable for the tax.

D.  Persons in possession of taxable fuel in storage as of the close of the business day preceding July 1, 2006, shall:

(1)  Take an inventory at the close of the business day preceding July 1, 2006, to determine the gallons in storage for purposes of determining the floor-stocks tax.

(2)  Report the gallons listed in Paragraph (1) of this Subsection on forms provided by the secretary, not later than the first day of the first month following July 1, 2006.

(3)  Remit the tax levied under this Section no later than the first day of the sixth month following July 1, 2006.

E.  Persons failing to file the inventory report shall be subject to the penalty as provided in R.S. 47:818.24(D).  Persons not paying the tax herein provided by the date specified shall incur interest and penalty on the unpaid tax as provided in the administrative provisions in Chapter 18 of this Subtitle.

Acts 2005, No. 252, §1, eff. July 1, 2006.

¹Acts 2005, No. 252.