Tax Rules: Final: 5703-15
5703-15-4 - Sales of stamps and
meter impressions on credit
(A) Cigarette tax stamps, meter impressions, or other means
of identification, as authorized by the tax commissioner, may
be sold to a licensed wholesale cigarette dealer on
thirty-day credit periods upon written application together
with a bond in the amount of the aggregate net tax value of
purchases to be made during such credit periods.
(1) The surety on any bond may cancel such bond by filing a
sixty-day written notice thereof with both the tax
commissioner and the treasurer of state, in which event the
liability of the surety shall terminate upon the expiration
of said sixty-day period, except as to such liability of the
principal as may have accrued prior to the expiration of said
period.
(2) All bonds shall remain in full force and effect until
cancelled in the manner provided herein.
(B) The net tax value of stamps or meter impressions sold on
credit shall be paid to the treasurer of state within thirty
days from the date of the invoice therefor and in no event
shall the aggregate net tax value of all such sales during
any thirty-day credit period exceed the penal amount of the
bond furnished for this purpose.
(C) The failure of any person to remit to the treasurer of
state payment of the net tax value of stamps, meter
impressions, or other means of identification, purchased on
credit, within thirty days from the date of the invoice
therefor, will constitute a sufficient basis for suspension
or revocation of the authority issued to that person to make
such purchases.
Effective: 9-17-04
Promulgated under: 5703.14
Authorized by: 5703.05
Amplifies: 5743.03
Prior effective dates: 8-1-94