Under current law, petroleum distributors and special fuels dealers must apply for a license from the Department of Revenue to import, buy, produce, sell, or store petroleum or special fuels. In order to receive a license, petroleum distributors and special fuels dealers must post a bond of at least $3,000, or an amount the commissioner deems necessary to ensure the state receives the taxes owed. Petroleum distributors and special fuels dealers may seek an exemption from the bond requirement by a showing of their assets and liabilities indicating their ability to pay.

This bill requires that, instead of posting or requesting an exemption from the bond, personal liability for tax applies to corporate directors and officers, governors and managers of a limited liability company, or members of partnerships who, either individually or jointly, have control, supervision, or responsibility of filing returns and paying petroleum and special fuels taxes. The bill also repeals the requirement to post bond.

Effective July 1, 2019.