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2013 SESSION

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HB 2219 Cigarette taxes; certain bond or irrevocable letter of credit requirements.

Introduced by: Christopher K. Peace | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Cigarette taxes; certain bond or irrevocable letter of credit requirements. Provides that the bond or irrevocable letter of credit required to be filed by a wholesale dealer to obtain cigarette tax stamps without payment of the cigarette tax be in a face amount determined by the Tax Commissioner to cover possible losses from nonpayment of the tax, but not to exceed two times the anticipated average monthly amount of purchases of cigarette tax stamps by the wholesale dealer. Under current law, the face amount of the bond or irrevocable letter of credit that is required to be filed is fixed at approximately two times the anticipated average monthly amount of purchases of cigarette tax stamps by the wholesale dealer. This bill is identical to SB 1092.


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