Motor Fuel Tax Schedules And Reports Instruction Page 24
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43► Interest is 1% per month for each month the tax payment is late, beginning with the 1st of the month
after the due date.
EXAMPLE FOR COMPUTING INTEREST:
For taxes due July 25, 2005 and not paid until October 15, 2005 interest applies at 1% beginning
August 1, 2005, 2% on September 1, 2005, 3% on October 1, 2005, and so on.
● For a late-fi led original report, compute the interest by multiplying the tax due on line 18 by the
applicable interest rate.
● If there is additional tax due on an amended report, compute the interest by multiplying the additional
tax due on line 18 by the applicable interest rate. The additional tax due is the difference between the
tax reported on line 18 of the original report and the tax reported on line 18 of the amended report.
NOTE: An Excel worksheet programmed to compute interest can be E-mailed to you upon request.
Line 21: Tax credits available from prior months or audit.
Tax credits may result from overpayments in prior months, amended tax reports, adjustments made by the
Tax Commissioner, or from audit adjustments.
● Enter the amount of available tax credit you want to use to cover the liabilities on this report.
○ Do not enter an amount greater than the liabilities due on this report.
○ When submitting an amended report, do not enter payments made with the original report or with a
previous amendment. Previous payments for the same report do not constitute prior month credits.
Line 22: Total Due = lines 18+19+20-21.
Compute the total tax, penalty, and interest due and payable.
● Add lines 18, 19, and 20 and subtract line 21.
● Make the remittance payable to the State Tax Commissioner.
► For paper reports, the remittance must be by check, bank draft, or money order.
► For electronically fi led reports paid by check, bank draft, or money order, a voucher must
accompany the remittance. Voucher forms are available at our Internet website at:
Filing.
► For electronically fi led reports, ACH credits are an option.
Complete the following lines on the back of the tax report when reconciling
your inventory to determine if there is tax due on excess losses. (This must
be done at least once in a 12-month period.)
● All header information.
● For a reconciliation covering only the current month, complete only lines 31 through 40.
● For a reconciliation covering more than one month, complete lines 23 through 40.
Line 23: Physical inven. = transfer entry from p. 1, line 1 (from report for the fi rst month in reconciliation
period).
This is the beginning physical inventory used as the starting point for this reconciliation.
● Enter the gallons from p. 1, line 1, of the fi rst report covered by the reconciliation period.
EXAMPLE:
► The period covered by the reconciliation is July 2005 through October 2005.
► The fi rst report covered by the reconciliation period is July 2005.
► Enter the gallons from p. 1, line 1 of the report for July 2005.
Line 24: Gal. mfg., purchased, imported = sum. of p.1, line 2.
Report the total gallons fuel acquired during the months covered by the reconciliation.
● Add the page 1, line 2, gallons from each month covered by this reconciliation, and enter that total.
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