§ 105-449.40 — Secretary may require bond

North Carolina § 105-449.40

• Jurisdiction: North Carolina
• Ch. 105: Taxation
• Art. 36B: Tax on Motor Carriers
• Subch. V: MOTOR FUEL TAXES

Text

(a) Authority. - The Secretary may require a motor carrier to furnish a bond when any of the following occurs:
(1) The motor carrier fails to file a return within the time required by this Article.
(2) The motor carrier fails to pay a tax when due under this Article.
(3) After auditing the motor carrier's records, the Secretary determines that a bond is needed to protect the State from loss in collecting the tax due under this Article.
(b) Amount. - A bond required of a motor carrier under this section may not be more than the larger of the following amounts:
(1) Five hundred dollars ($500.00).
(2) Four times the motor carrier's average tax liability or refund for a reporting period.
A bond must be in the form required by the Secretary. (1955, c. 823, s. 4; 1967, c. 1110, s. 15; 1973, c. 476, s. 193; 1991, c. 487, s. 4; 2010-95, s. 26(b).)
§ 105-449.41: Repealed by Session Laws 2002-108, s. 2, effective January 1, 2003.