This bill amends existing Iowa law regarding the reporting requirements for retail dealers of gasoline and diesel fuel. It introduces new subparagraphs in sections 422.11O, 422.11P, and 422.11Y, which stipulate that retail dealers must timely file a report as required under section 452A.33 for the latest determination period before the close of their tax year. Failure to do so will result in ineligibility to claim tax credits associated with these sections.

Additionally, the bill modifies section 452A.33 by establishing that if a retail dealer fails to file the required report or maintain necessary records, they may face a civil penalty of up to one hundred dollars per occurrence. Furthermore, it specifies that a retail dealer who does not timely file the report prior to the close of their tax year will be ineligible to claim any tax credits under sections 422.11O, 422.11P, or 422.11Y for that tax year and any succeeding years until the report is filed. This reporting is crucial for calculating excise taxes on ethanol blended gasoline and biodiesel blended fuel.

Statutes affected:
Introduced: 422.11O, 452A.33