§ 351.11. Recordkeeping.
(a) Records required; retention period. A person liable to pay the tax shall retain exemption certificates, supporting documentation and other related records relating to transactions affecting the tax, including, inter alia, the following, for a period of 3 years after the report is filed:
(1) Petroleum products exported.
(2) Sales of petroleum products upon which the Oil Company Franchise Tax has previously been paid.
(3) Sales of bulk quantities of petroleum products known to be for heating purposes.
(4) Sales of petroleum products to other oil companies which have agreed to report and pay the applicable Oil Company Franchise Tax.
(5) Exempt first sales or use, including subsequently acquired documentation and adjustments.
(b) Penalties. Failure to retain required records is a misdemeanor of the third degree, conviction of which subjects the offender to a fine not exceeding $1,000 or imprisonment for not more than 6 months or both. Failure to permit the Department to examine books and records is a misdemeanor of the third degree, conviction of which may subject the offender to a fine not exceeding $2,500 or imprisonment for not more than 1 year or both.
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