(a) The floorstock tax report required by § 67-3-304(d)(4) shall be accompanied by payment of the floorstock tax calculated in accordance with § 67-3-304(d) and (e) and payment made on or before the due date of that report. The floorstock tax imposed on inventory held outside of the bulk transfer/terminal system on January 1, 1998, reportable under § 67-3-304 shall be payable in two (2) equal annual installments. The first installment shall be due on or before the twenty-fifth day of the month following the month in which this part becomes effective, and the second installment is due on the same date of the following year.
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Terms Used In Tennessee Code 67-3-511

  • Bonded importer: means a person with a valid bonded importer's license under §. See Tennessee Code 67-3-103
  • Gasoline: means all products commonly or commercially known or sold as gasoline that are suitable for use as a motor fuel, but does not include any product that is sold as a product other than gasoline and has an ASTM octane number of less than seventy-five (75) as determined by the "motor method". See Tennessee Code 67-3-103
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • Petroleum products: means all benzol, gasoline, burning oil, distillate, fuel oil, gas oil, kerosene, naphtha, or any other volatile substance, excluding propane, reflecting a gravity of sixteen degrees (16°. See Tennessee Code 67-3-103
  • Supplier: means a person that meets all the following conditions:
    (i) Is subject to the general taxing jurisdiction of this state. See Tennessee Code 67-3-103
  • Wholesaler: means a person who acquires petroleum products from a supplier, importer or from another wholesaler, for subsequent sale and distribution at wholesale by tank cars, transport trucks or vessels. See Tennessee Code 67-3-103
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) For any floorstock tax due following an increase in the tax rate on petroleum products, the floorstock tax imposed on inventory shall be payable within twenty-five (25) days of the end of the month in which the increase becomes effective.
(c) A supplier, bonded importer, importer, or wholesaler shall, for increases in the gasoline tax, remit tax, pursuant to subsection (a) or (b), based upon all inventory as provided in § 67-3-304(d) held in storage at the start of business on the effective date of the increase. All inventory held at retail stations and by end users shall be exempt from this requirement.
(d) A supplier, bonded importer, importer or wholesaler shall, for increases in the diesel tax, the special privilege tax or the environmental assurance fee, remit taxes and/or fees, pursuant to subsection (a) or (b), based upon all inventory as provided in § 67-3-304(d) held outside the bulk transport/terminal system at the start of business on the effective date of such increase. All inventory held at retail stations and by end users shall be exempt from this requirement.
(e) Regardless of any § 67-3-509 allowance already taken with respect to this inventory, an additional § 67-3-509 allowance may be taken.
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