New Hampshire Revised Statutes 78-C:2 – Refined Petroleum Products Tax
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I. A tax is hereby imposed upon the refining of refined petroleum products at the uniform rate of
1/10 of one percent on the fair market value per barrel of such products at the refinery site, to be paid by the refiner thereof.
II. The fair market value per barrel of such refined petroleum products shall be determined by the commissioner, who may, in making such determination, consider the usual selling price of such products at the refinery, the cost of the crude petroleum used, the cost of refining the same, and any other relevant evidence. Such determination shall be subject to review as provided in N.H. Rev. Stat. § 21-J:28-b.
III. The number of barrels produced shall be computed by tank tables showing 100 percent of production and exact measurements of contents, or by meters or other measuring devices which accurately determine the volume of production or total products produced.
1/10 of one percent on the fair market value per barrel of such products at the refinery site, to be paid by the refiner thereof.
Terms Used In New Hampshire Revised Statutes 78-C:2
- Barrel: shall mean a standard petroleum barrel containing 42 gallons. See New Hampshire Revised Statutes 78-C:1
- Commissioner: means the commissioner of revenue administration. See New Hampshire Revised Statutes 78-C:1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Refined petroleum products: includes motor oil, kerosene, residual oil, fuel oil, gasoline, petroleum asphalts, road oils and other distillates and petrochemicals produced from crude petroleum by any person in the state. See New Hampshire Revised Statutes 78-C:1
II. The fair market value per barrel of such refined petroleum products shall be determined by the commissioner, who may, in making such determination, consider the usual selling price of such products at the refinery, the cost of the crude petroleum used, the cost of refining the same, and any other relevant evidence. Such determination shall be subject to review as provided in N.H. Rev. Stat. § 21-J:28-b.
III. The number of barrels produced shall be computed by tank tables showing 100 percent of production and exact measurements of contents, or by meters or other measuring devices which accurately determine the volume of production or total products produced.