AMENDMENT FOR SENATE ENGROSSED BILL
1fy

___________________ moved that SB 1 be amended as follows:


    On page 12, after line 10 of the Senate engrossed bill, insert:

"    Section 28. That § 10-47B-14 be repealed.

    10-47B-14. Any person having title to any fuel in storage subject to the fuel excise tax pursuant to § 10-47B-4 immediately prior to a tax increase under this chapter, is subject to an inventory tax based on the gallons in storage as of the close of the business day preceding the effective date of the increased tax rate.

    Section 29. That § 10-47B-15 be repealed.

    10-47B-15. Any person subject to the tax imposed by § 10-47B-14 shall:

            (1)    Take an inventory to determine the gallons in storage for purposes of determining the inventory tax;
            (2)    Report the gallons listed in § 10-47B-14 on forms provided by the secretary; and
            (3)    Pay the tax due not more than thirty days after the prescribed inventory date.

    Section 30. That § 10-47B-16 be repealed.

    10-47B-16. In determining the amount of fuel tax due under §§ 10-47B-14 and 10-47B-15, the person may exclude the amount of fuel that will not be pumped out of the storage tank because the fuel is below the mouth of the draw pipe. For this purpose, the person may deduct two hundred gallons for a storage tank with a capacity of more than one thousand gallons and less than ten thousand gallons, and four hundred gallons for a storage tank with a capacity of ten thousand gallons or more.
    Section 31. That § 10-47B-17 be repealed.

    10-47B-17. The amount of the inventory tax imposed by § 10-47B-14 is equal to the tax rate indicated in § 10-47B-4 times the gallons in storage as determined under §§ 10-47B-15 and 10-47B-16. ".