§ 68-210 — Bonds.

Oklahoma § 68-210

• Jurisdiction: Oklahoma
• Title 68: Revenue And Taxation

Text

(a) Any bond required to be filed to protect the State of Oklahoma under this article or any state tax law must be approved by the Tax Commission and shall be in such form and amount as such tax law shall require, or, in the absence of a specific requirement, in such amount as the Tax Commission may require, and shall be signed as surety by a surety company authorized to transact business in this state, or in lieu of such surety bond, there may be filed negotiable bonds or other obligations of the United States or of the State of Oklahoma of an actual market value not less than the amount fixed by such law or by the Tax Commission. (b) Notwithstanding the limitation as to the amount of any bond fixed by any tax law requiring a bond, if a taxpayer: 1. Becomes delinquent in the payment of any tax; 2. Tenders a check in payment of a tax which check is returned unpaid because of insufficient funds; or 3. Is unable to furnish a financial statement that, in the judgment of the Tax Commission, indicates ability to properly discharge his liability for the tax currently accruing against such taxpayer; then, in any of such events, the Tax Commission shall demand an additional bond of such taxpayer in an amount necessary, in the judgment of the Tax Commission, to protect the revenue of the State. Provided, that the penal sum of the additional bond and the bond furnished under the provisions of the law requiring such bond, may not, in total amount, exceed three (3) months' tax liability. (c) If any bond or other instrument filed to protect the State of Oklahoma under this article or any state tax law is revoked or canceled by the issuer thereof, such issuer shall provide notice of such revocation or cancellation to the Oklahoma Tax Commission by certified mail.

Legislative History

Added by Laws 1965, c. 414, § 2, emerg. eff. July 7, 1965. Amended by Laws 1994, c. 278, § 6, eff. Sept. 1, 1994.