Section 10-47B-16 - Determining amount of fuel to be taxed by inventory tax.
10-47B-16. Determining amount of fuel to be taxed by inventory tax. 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.
Source: SL 1995, ch 71, § 16; SL 2009, ch 57, § 2.