58.1-2224 - Tax on unaccounted for motor fuel losses; liability.
§ 58.1-2224. Tax on unaccounted for motor fuel losses; liability.
A. There is hereby levied a tax at the rate specified by § 58.1-2217 annuallyon taxable unaccounted for motor fuel losses at a terminal. "Taxableunaccounted for motor fuel losses" means the number of gallons ofunaccounted for motor fuel losses that exceed one-half of one percent of thenumber of net gallons removed from the terminal during the year by a systemtransfer or at the terminal rack. "Unaccounted for motor fuel losses" meansthe difference between (i) the amount of motor fuel in inventory at theterminal at the beginning of the year plus the amount of motor fuel receivedby the terminal during the year and (ii) the amount of motor fuel ininventory at the terminal at the end of the year plus the amount of motorfuel removed from the terminal during the year. Accounted for motor fuellosses which have been approved by the Commissioner or motor fuel lossesconstituting part of a transmix shall not constitute unaccounted for motorfuel losses.
B. The terminal operator whose motor fuel is unaccounted for shall be liablefor the tax imposed by this section, together with a penalty equal to theamount of tax payable. Motor fuel received by a terminal operator and notshown on an informational return filed by the terminal operator with theCommissioner as having been removed from the terminal shall be presumed to beunaccounted for motor fuel losses. A terminal operator may rebut thispresumption by establishing that motor fuel received at a terminal, but notshown on an informational return as having been removed from the terminal,was an accounted for loss or constitutes part of a transmix.
(2000, cc. 729, 758.)