Bill No.: SF0056                  Drafter:  DKG

LSO No.:  10LSO-0106              Effective Date:  7/1/2010

Enrolled Act No.:  SEA0032

Chapter No.:

Prime Sponsor:     Senator Meier

Catch Title:       Fuel tax bonds.

Subject:  Alternative means of securing tax liability of fuel suppliers, distributors and other licensees.

Summary/Major Elements:

· Under current law, every supplier, refiner, distributor, terminal operator, importer or exporter of gasoline is required to obtain a license to conduct business in the state.

· The licensee is also required to post a bond to secure payment of taxes owed by the licensee.

· This bill allows the licensee to post a certificate of deposit (with the interest payable to the licensee) instead of a bond.

· The bill specifies the conditions for posting a certificate of deposit.