Okla. Stat. tit. 68, § 68-500.9
This is the official text of Okla. Stat. tit. 68, § 68-500.9, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Taxation of motor fuels held in inventory on date of
Official statutory text
increase in tax rate.
A. The tax imposed by Section 4 of this act on the date of an
increase in the tax rate set out in Section 4 of this act shall be
applicable to previously taxed motor fuel:
1. In excess of one thousand (1,000) gallons held in storage by
a bulk end user or a consumer; and
2. Inventory held for sale by a fuel vendor.
B. Persons in possession of motor fuel subject to this section:
1. Shall take an inventory to determine the gallons in storage
for purposes of determining the tax on inventory in determining the
amount of motor fuel tax due under this section;
2. May deduct the amount of motor fuel in dead storage;
3. May deduct these gallons in which tax at the full rate has
previously been paid;
4. May take a deduction for gallons of dyed diesel fuel; and
5. Report the gallons listed in paragraph 1 of this subsection
on forms provided by the Commission.
C. The amount of the inventory tax is equal to the inventory
tax rate times the gallons in storage as determined pursuant to the
provisions of this section. The inventory tax rate is equal to the
difference between the increased tax rate minus the previous tax
rate to which those gallons were previously subjected to tax.
D. The inventory tax report required by this section shall be
accompanied by payment of the inventory tax calculated in accordance
with this section, and payment made on or before the due date of the
report.
A. The tax imposed by Section 4 of this act on the date of an
increase in the tax rate set out in Section 4 of this act shall be
applicable to previously taxed motor fuel:
1. In excess of one thousand (1,000) gallons held in storage by
a bulk end user or a consumer; and
2. Inventory held for sale by a fuel vendor.
B. Persons in possession of motor fuel subject to this section:
1. Shall take an inventory to determine the gallons in storage
for purposes of determining the tax on inventory in determining the
amount of motor fuel tax due under this section;
2. May deduct the amount of motor fuel in dead storage;
3. May deduct these gallons in which tax at the full rate has
previously been paid;
4. May take a deduction for gallons of dyed diesel fuel; and
5. Report the gallons listed in paragraph 1 of this subsection
on forms provided by the Commission.
C. The amount of the inventory tax is equal to the inventory
tax rate times the gallons in storage as determined pursuant to the
provisions of this section. The inventory tax rate is equal to the
difference between the increased tax rate minus the previous tax
rate to which those gallons were previously subjected to tax.
D. The inventory tax report required by this section shall be
accompanied by payment of the inventory tax calculated in accordance
with this section, and payment made on or before the due date of the
report.
Status: in_force · Read it on the official government site
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