Sec. 209. (a) Persons having title to gasoline in storage and held for sale on the effective date of an increase in the license tax rate imposed under section 201 of this chapter are subject to an inventory tax based upon the gallonage in storage as of the close of the business day preceding the effective date of the increased license tax rate.

     (b) Persons subject to the tax imposed under this section shall:

(1) take an inventory to determine the gallonage in storage for purposes of determining the inventory tax;

(2) report that gallonage on forms provided by the administrator; and

(3) pay the tax due within thirty (30) days of the prescribed inventory date.

     (c) The amount of the inventory tax is equal to the inventory tax rate times the gallonage in storage as determined under subsection (a). The inventory tax rate is equal to the difference of the increased license tax rate minus the previous license tax rate.

     (d) The inventory tax shall be considered a listed tax for the purposes of IC 6-8.1.

As added by P.L.59-1985, SEC.10.