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The Petroleum Marketers Association of America (“PMAA”) in the October 20th edition [WR-17-41] of its publication PMAA Weekly Review noted the Internal Revenue Service’s (“IRS”) recent issuance of a Regulatory Compliance Bulletin (“Bulletin”) titled:
IRS Requirements for Tax Fee Retail Sale of Undyed Kerosene from Blocked Pumps
The issue addressed in the Bulletin is described as:
The IRS regulation allowed for the tax resale of undyed kerosene at retail dispensers. Such sales are allowed so long as the undyed kerosene is sold from a “blocked pump.”
The Bulletin addresses:
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Conditions that must be met to be eligible for a credit or refund of the federal tax on undyed kerosene
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Description of which “fuel dispensers” constitute a “blocked pump”
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Process for claiming credits for refunds for the sale of undyed kerosene from a blocked pump
A copy of the PMAA publication can be found here.
