§ 47.3-9 - Imposition of the October 1, 1995, floor stocks tax on commercial aviation fuel held on October 1, 1995.

(a) Fuel subject to tax. Section 13245 of the Act imposes a floor stocks tax on commercial aviation fuel on which tax was imposed under section 4091 before October 1, 1995, and which is held on the first moment of that date by any person. Tax is imposed under section 4091 even if imposed only at the Leaking Underground Storage Tank Trust Fund financing rate under that section.

(b) Rate of tax. The rate of the October 1, 1995, floor stocks tax is 4.3 cents per gallon.

(c) Person liable for tax. The person liable for tax on any commercial aviation fuel subject to the October 1, 1995, floor stocks tax is the person that holds the commercial aviation fuel at the first moment of October 1, 1995. Fuel is held by a person if the person has title to the fuel (whether or not delivery to that person has been made) at such time, as determined under applicable local law.