Indiana Code 6-6-2.5-26.2. “Two party exchange”
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Sec. 26.2. As used in this chapter, “two (2) party exchange” means a transaction in which a product is transferred from one (1) licensed supplier or permissive supplier to another when:
(2) the exchange transaction is completed before removal from the terminal by the receiving exchange partner, provided that the terminal operator in the terminal operator’s books and records treats the receiving exchange party as the supplier that receives the product for purposes of reporting the events to the state of Indiana.
(1) the transaction includes a transfer from the person who holds the original inventory position for special fuel in the terminal as indicated in the records of the terminal operator; and
Terms Used In Indiana Code 6-6-2.5-26.2
- permissive supplier: means any person who does not meet the geographic jurisdictional connections to Indiana required of a supplier (as defined in section 23 of this chapter), but who holds an inventory position in a federally qualified terminal located outside of Indiana and who is registered under Section 4101 of the Internal Revenue Code. See Indiana Code 6-6-2.5-16.1
- person: means a natural person, a partnership, a firm, an association, a corporation, a representative appointed by a court, the state, a political subdivision (as defined in IC 36-1-2-13), or any other entity, group, or syndicate. See Indiana Code 6-6-2.5-17
- special fuel: means all combustible gases and liquids that are:
Indiana Code 6-6-2.5-22
- supplier: means a person that imports or acquires immediately upon import into Indiana special fuel by pipeline or marine vessel from within a state, territory, or possession of the United States into a terminal or that imports special fuel into Indiana from a foreign country, or that produces, manufactures, or refines special fuel within Indiana, or that owns special fuel in the pipeline and terminal distribution system in Indiana, and is subject to the general taxing or police jurisdiction of Indiana, and in any case is also registered under Section 4101 of the Internal Revenue Code for transactions in taxable motor fuels in the bulk distribution system. See Indiana Code 6-6-2.5-23
- terminal: means a fuel storage and distribution facility that is supplied by pipeline or marine vessel, and from which special fuel may be removed at a rack and that has been registered as a qualified terminal by the Internal Revenue Service for receipt of taxable motor fuels free of federal motor fuel taxes. See Indiana Code 6-6-2.5-24
- terminal operator: means the person who by ownership or contractual agreement is charged with the responsibility and physical control over the operation of the terminal. See Indiana Code 6-6-2.5-25
As added by P.L.18-1994, SEC.23.