Section 99.25. Fund assessment temporarily affected by merger or acquisition; partial refund.

 

(1)   Partial refund of assessment . The department may refund part of an annual fund assessment paid by a contributing grain warehouse keeper under s. 126.30 , Stats., if all of the following apply:

(a) The grain warehouse keeper paid the full amount of the assessment, including any late payment penalties that apply under s. 126.30 (6) (d) , Stats.

(b) The grain warehouse keeper is the surviving entity in a merger under s. 179.77 , 180.1101 , 183.1201 or 185.61 , Stats., or has acquired property pursuant to a sale of assets under s. 180.1202 , Stats.

(c) The assessment was based on the grain warehouse keeper's financial statement for the fiscal year in which the merger or acquisition under par. (b) took effect.

(d) The grain warehouse keeper's financial statement, for the fiscal year in which the merger or acquisition under par. (b) took effect, caused the sum of the grain warehouse keeper's current ratio assessment rate under s. 126.30 (2) , Stats., and debt to equity ratio assessment rate under s. 126.30 (4) , Stats., to increase by at least 100% compared to the preceding license year.

(e) The grain warehouse keeper's annual financial statements, for the fiscal years immediately preceding and immediately following the fiscal year in which the merger or acquisition under par. (b) took effect, show positive equity, a current ratio of at least 1.25 to 1.00 and a debt to equity ratio of no more than 3.0 to 1.0.

(f) In the license year immediately following the license year for which the grain warehouse keeper paid the assessment, the sum of the grain warehouse keeper's current ratio assessment rate under s. 126.30 (2) , Stats., and debt to equity assessment rate under s. 126.30 (4) , Stats., declines by at least 50% compared to the license year for which the grain warehouse keeper paid the assessment.

(g) The grain warehouse keeper requests the refund in writing, by September 1 of the grain warehouse keeper's next license year.

(2)   Refund amount. The amount of the refund under sub. (1) shall equal 75% of the difference between the assessment amount paid by the grain warehouse keeper and the assessment amount required of the grain warehouse keeper in the next license year.

(3)   Refund paid as credit against next year's assessment.

(a) The department shall pay the refund under sub. (1) as a credit against the grain warehouse keeper's assessment for the next license year. The department shall apportion the credit, pro rata, against the quarterly assessment installments required of the grain warehouse keeper under s. 126.30 (6) , Stats., in that next license year. If the credit exceeds the total assessment required of the grain warehouse keeper in that next license year, the department shall credit the balance in the same fashion against assessments required of the grain warehouse keeper in subsequent consecutive license years, except that the department may not grant a credit in more than 4 subsequent license years.

(b) The department may not pay any refund under sub. (1) , except in the manner prescribed in par. (a) . The department may not pay the refund to any person other than the grain warehouse keeper who paid the original assessment on which the refund is given.

Emerg. cr. eff. 1-29-04; CR 04-030 : cr. Register September 2004 No. 585 , eff. 10-1-04.