§ 44-20-19 - Sales of stamps to distributors. - Rhode Island Statutes

SECTION 44-20-19

   § 44-20-19  Sales of stamps todistributors. – The tax administrator shall sell stamps only to licensed distributors at adiscount. The distributor remits to the division of taxation ninety-eight andthree-fourths percent (98.75%) of the face value of the stamps therebyreceiving a discount of one and one-quarter percent (1.25%) of the face valueof the stamps. The ninety-eight and three-fourths percent (98.75%) remitted tothe tax administrator is paid over to the general revenue. The taxadministrator may, in his or her discretion, permit a licensed distributor topay for the stamps within thirty (30) days after the date of purchase;provided, that a bond satisfactory to the tax administrator in an amount notless than the sale price of the stamps has been filed with the taxadministrator conditioned upon payment for the stamps. The tax administratorshall keep accurate records of all stamps sold to each distributor.