HB2338

Report Title:

Petroleum Products; Wholesalers; Reports; Petroleum Overcharges

 

Description:

Requires wholesalers of petroleum products in Hawaii to report its earnings to DBEDT on the basis of total gross and net earnings and return on capital employed. Requires companies whose return on capital employed exceeds 15% to pay certain amounts into a petroleum overcharges special fund.

 

 

HOUSE OF REPRESENTATIVES	H.B. NO.	2338
TWENTY-FIRST LEGISLATURE, 2002
STATE OF HAWAII

A BILL FOR AN ACT

 

RELATING TO PETROLEUM PRODUCTS.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Chapter 486J, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

"§486J- Reports of earnings of wholesale sellers of petroleum products; petroleum overcharges special fund. (a) In addition to any other report or statement required by this chapter, every wholesale seller of petroleum products doing business in this State shall submit a report to the department, in such form as the director may prescribe, stating the seller's earnings on the basis of total gross earnings, total net earnings, and return on capital employed.

(b) Any wholesale seller of petroleum products whose return on capital employed exceeds fifteen per cent, as reported in subsection (a), shall pay the difference between its actual earnings and the fifteen per cent return on capital employed into the petroleum overcharges special fund established in subsection (c).

(c) There is established in the state treasury the petroleum overcharges special fund, into which shall be deposited the amounts specified in subsection (b). Moneys in the special fund shall be administered by the department of education and shall be used for such educational purposes as may be requested by the department of education and approved by the governor.

(d) All reports submitted to the department pursuant to subsection (a) shall be deemed confidential information as provided in section 486J-6.

(e) The department, with the assistance of the department of education as may be necessary, shall adopt rules pursuant to chapter 91 as may be necessary to implement this section.

(f) As used in this section:

"Petroleum products" has the same meaning as defined in section 486H-1.

"Return on capital employed" means the ratio between earnings before interest and tax, and total capital employed."

SECTION 2. New statutory material is underscored.

SECTION 3. This Act shall take effect on July 1, 2002.

INTRODUCED BY:	_____________________________