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North Carolina General Statutes Chapter 105. Taxation § 105-449.40. Secretary may require bond

Current as of January 01, 2023 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 105. Taxation § 105-449.40. Secretary may require bond - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-105-taxation/nc-gen-st-sect-105-449-40/

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