142.887. Terminal operator's license, when required--operator's bond--statement of operations. - Missouri Statutes

Terminal operator's license, when required--operator's bond--statementof operations.

142.887. 1. Any person, other than a supplier licensed under section142.884, engaged in business in this state as a terminal operator shallfirst obtain a terminal operator's license for each terminal site.

2. Terminal operators shall be required to post a bond of not lessthan three months' potential tax liability based on the number of gallonshandled as estimated by the director, but in no event shall the bond bemore than five hundred thousand dollars.

3. Each person operating a terminal in this state shall file with thedirector by the last day of the next month a sworn statement of operationswithin this state for each terminal within this state, including theinformation prescribed by the director, on forms prescribed and furnishedby the director.

4. For purposes of reporting and determining tax liability under thischapter, every licensee shall maintain inventory records as required by thedirector.

5. In the event that the source state does not require a terminalreport which provides data substantially similar to that required by thissection, any terminal operator subject to the police power of this state,and who operates a terminal outside that state, shall provide a report ofgallons removed as to which the operator issued a shipping paper indicatingthis state as the destination state consistent with the informationrequired under this section. This subsection shall be ineffective ifsubstantially similar data is readily available to this state from afederal terminal report or from the source state as determined by thedirector.

(L. 1998 S.B. 619)

Effective 1-1-99