Taxpayers with bulk fuel cannot take credit for withdrawal from licensee-owned tax-paid bulk fuel storage unless the following detailed records are kept:
- Withdrawal date;
- Gallons withdrawn;
- Fuel type;
- Unit number and type of motor vehicle or equipment into which the fuel was placed; and
- Purchase and quarterly beginning and ending inventory records to substantiate that tax was paid on the bulk purchase.
Taxpayers must account separately for tax-paid fuel purchased as storage or bulk from over-the-road fuel purchases. Licensees must retain a copy of each delivery ticket and receipt for storage or bulk fuel.
Bulk fuel reconciliations must be maintained. Records must distinguish from fuel placed into a qualified motor vehicle from fuel placed in a non-qualified motor vehicle and other uses.
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