Louisiana Revised Statutes 47:848 – Tobacco dealers required to furnish bond; waiver
Terms Used In Louisiana Revised Statutes 47:848
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cigars: includes any roll of tobacco for smoking, irrespective of size or shape, and irrespective of the tobacco being flavored, adulterated or mixed with any other ingredients, where such roll has a wrapper made chiefly of tobacco. See Louisiana Revised Statutes 47:842
- Dealer: includes every person who manufactures or purchases cigars, cigarettes or smoking tobacco for distribution, sale, use or consumption in the state of Louisiana. See Louisiana Revised Statutes 47:842
- Registered tobacco dealer: as used in this Chapter refers to wholesale dealers as defined in this Section. See Louisiana Revised Statutes 47:842
- Smoking tobacco: includes granulated, plug cut, crimp cut, ready rubbed and any other kind and form of tobacco prepared in such manner as to be suitable for smoking in pipe or cigarette. See Louisiana Revised Statutes 47:842
A. Each and every registered tobacco dealer in cigars, cigarettes, and smoking tobacco shall furnish to the secretary, who is charged with the duty of collecting the tax levied by this Chapter, a bond in the minimum amount of two thousand five hundred dollars, guaranteeing the payment of all taxes and penalties levied by this Chapter. The bond shall be executed by a surety company duly qualified to do business in this state. The tenor, solvency, and maximum amount of the bond shall be satisfactory to the secretary, the minimum amount thereof to depend upon the volume of business of the dealer and must be in an amount sufficient in the discretion of the secretary to guarantee the state against any and all losses for taxes and penalties levied by the provisions of this Chapter.
B. However, the secretary is authorized to waive the furnishing of this surety bond by any dealer who has and agrees to maintain fixed assets in Louisiana of a net value of not less than one and one-fourth times the amount of the bond which would otherwise be required, who has had a bond on file with the department for a period of not less than three years, and who has not been delinquent in remitting taxes accrued or accruing under this Part during the three-year period immediately preceding application by the dealer for waiver of the bond. If any dealer whose bond has been waived by the secretary becomes delinquent in remitting taxes due under this Part, the secretary may require that such dealer furnish a bond in the amount required in this Section, and such dealer shall not be eligible for a waiver of a bond for a period of three years thereafter. In addition, the dealer must furnish audited financial statements with his waiver request and at such other times as the secretary may require.
Amended by Acts 1950, No. 18, §1; Acts 1974, No. 414, §1, eff. Jan. 1, 1975; Acts 1985, No. 105, §1, eff. Jan. 1, 1986; Acts 2006, No. 108, §2, eff. July 1, 2006; Acts 2006, No. 454, §2, eff. June 15, 2006.