§ 44-19-10.2 - Floor stock tax on inventory. - Rhode Island Statutes

SECTION 44-19-10.2

   § 44-19-10.2  Floor stock tax on inventory.– (a) A floor tax is imposed on the inventory of stamped packages of cigarettesheld for sale in this state at 12:01 A.M. on April 10, 2009. The floor tax willapply to the stamped cigarette inventory of distributors. In addition, thefloor tax will apply to any unaffixed tax stamps in the possession of adistributor or dealer at 12:01 A.M. on April 10, 2009 that had been issuedprior to that date. The inventory necessary to account for the floor tax mustbe taken as of the close of business on April 9, 2009.

   (b) The floor tax shall be computed in the same manner as theprepayment of sales tax on cigarettes as set forth in subsection 44-19-10.1(a);provided, that credit shall be allowed for any sales tax paid on saidcigarettes or unaffixed tax stamps prior to April 10, 2009.