New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter I - Franchise and Certain Business Taxes
Subchapter I - Cigarette Tax, Cigarette Marketing Standards And Tobacco Products Tax
Article 1 - Cigarette Tax
Part 71 - Agent's License
Section 71.4 - Time for filing a credit bond, depositing acceptable security and increasing the amount thereof
Current through Register Vol. 46, No. 12, March 20, 2024
(a) An agent will not be permitted to purchase stamps on credit until such agent files a credit bond or deposits other acceptable security with the department in the required amount.
(b) The department may require that the amount of a credit bond or the amount of deposited security in lieu of the credit bond be increased at any time when in its judgment such increase becomes necessary to protect the revenue under article 20 of the Tax Law. Unless otherwise required, such increase must be filed within 30 days from the date of the notice and demand therefor. Any determination pursuant to this section with respect to any increase to the amounts of such bond or security may be challenged through a hearing process, provided a petition for review of such determination is timely filed. See Part 3000 of this Title for hearing procedures in the Division of Tax Appeals and Part 4000 of this Title for conciliation proceedings in the Bureau of Conciliation and Mediation Services of the Divisions of Taxation.
