SEC. 27-55-535. Lost or destroyed special fuel.

When special fuel is lost or destroyed in quantities of seven hundred fifty (750) gallons or more through explosion, fire, collision, storage tank wreckage, wreckage of loading or unloading facilities, such as pumps and lines, or acts of Providence while in storage in this state or while being transported in this state, the owner of such special fuel shall be entitled to tax credit or refund of the tax paid thereon.

The commission shall be notified by the owner of such lost or destroyed special fuel within five (5) days after the loss or destruction is discovered. The commission shall make such investigation of the facts and circumstances surrounding such loss or destruction as may be reasonably necessary for the effective administration of this act.

The claim shall be made in the name of the owner of such lost or destroyed special fuel and shall be signed by the owner or his authorized agent and filed within three (3) years after the date of loss. All such claims must be accompanied by proof satisfactory to the commission that the special fuel for which credit is claimed was destroyed by or through one of the means set forth in the first paragraph of this section, and in all cases where the special fuel alleged to have been destroyed was covered by insurance, the commission shall not approve such claims unless and until the insurer has acknowledged and actually paid the loss.

Upon receipt of the claim the commission shall determine the amount of refund or tax credit due the claimant and in the case of refund the amount shall be refunded to the claimant as provided in Section 27-55-19.

If the commission determines that any refund claim shall not be paid, it shall notify the claimant stating the reason or reasons why such claim is disallowed.

A claimant may, within thirty (30) days after receipt of written notice of the disallowance of his claim, appeal to the board of review as provided in Section 27-55-41.

SOURCES: Added by Laws 1999, Ch. 461, Sec. 18, eff. July 1, 1999.