Instructions for Form PT-350 Petroleum Business Tax Return for Fuel Consumption - Commercial Vessels - New York

This document contains official instructions for Form PT-350 , Petroleum Fuel Consumption - Commercial Vessels - a form released and collected by the New York State Department of Taxation and Finance.

FAQ

Q: What is Form PT-350?
A: Form PT-350 is the Petroleum Business Tax Return specifically for fuel consumption by commercial vessels in New York.

Q: Who needs to file Form PT-350?
A: Businesses that operate commercial vessels and consume fuel in New York need to file Form PT-350.

Q: Is this return specific to commercial vessels?
A: Yes, Form PT-350 is specifically for reporting fuel consumption by commercial vessels.

Q: What is the purpose of Form PT-350?
A: Form PT-350 is used to report and pay the Petroleum Business Tax for fuel consumed by commercial vessels in New York.

Q: When is the deadline for filing Form PT-350?
A: The deadline for filing Form PT-350 is typically on or before the 20th day of the month following the end of the reporting period.

Q: Are there any penalties for late filing?
A: Yes, there are penalties for late filing of Form PT-350, including late filing fees and interest on any unpaid tax.

Q: How do I calculate the amount of tax due on Form PT-350?
A: The amount of tax due on Form PT-350 is calculated based on the fuel consumed by commercial vessels at the applicable tax rate.