remittances. Each supplier and bonded importer who sells motor fuel shall precollect and remit on behalf of and from the purchaser the motor fuel tax imposed under Section 500.4 of this title. At the election of an eligible purchaser, which notice shall be evidenced by a written statement from the Commission as to the purchaser eligibility status as determined under Section 500.23 of this title, the seller shall not require a payment of motor fuel tax on transport truck loads from the purchaser sooner than two (2) business days prior to the date on which the tax is required to be remitted by the supplier or bonded importer under Section 500.20 of this title. This election shall be subject to a condition that the remittances by the eligible purchaser of all amounts of tax due the seller shall be paid on the basis of: 1. Ninety-eight and four-tenths percent (98.4%) for gasoline until July 1, 2029; thereafter remittance shall be paid on the basis of one hundred percent (100%); and 2. Ninety-eight and one-tenth percent (98.1%) for diesel fuel until July 1, 2029; thereafter remittance shall be paid on the basis of one hundred percent (100%), which shall be paid by electronic funds transfer on or before the second preceding day prior to the date of the remittance by the supplier to the Commission, and the election by the eligible purchaser under this section may be terminated by the seller if the eligible purchaser does not make timely payments to the seller as required by this section.
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