Floorstocks

7.1. On the effective date of any motor fuel rate change, every licensee, who has in inventory motor fuel upon which the tax has been previously paid, shall take a physical inventory.

7.2. The licensee must file a report within 30 days of the effective date of the rate change.

7.2.a. In addition to the physical inventory, the report will include evidence of the last floorstocks report made and evidence of the tax actually paid.

7.3. In the case of a motor fuel tax increase, the additional tax due under the rate increase shall be submitted with the report.

7.4. In the case of a motor fuel tax decrease, a supplier, distributor or producer, retail dealer, exporter or importer may receive a refund of the flat rate under W. Va. Code §11-14C-30(d).

7.4.a. The refund is upon the motor fuel on hand and in inventory on the effective date of the rate change.

7.4.b. The taxpayer must show that the motor fuel has been included in the previous floorstocks or other applicable report.