Discounts allowed for handling stamps; consignment of stamps.
THIS SECTION WAS AMENDED BY ACT 2015-535 IN THE 2015 SECOND SPECIAL SESSION,
EFFECTIVE OCTOBER 1, 2015. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
The Department of Revenue is hereby authorized and directed to have prepared
and distributed stamps suitable for denoting the tax on all articles enumerated
herein. Any person, firm, corporation, or association of persons, other
than the Department of Revenue, who sells tobacco tax stamps not affixed
to tobacco sold and delivered by them, whether the stamps be genuine or
counterfeit, shall be guilty of a felony and punishable as set out in
Section 40-25-6. When wholesalers or jobbers have qualified as such with
the Department of Revenue, as provided in Section 40-25-16, and desire
to purchase stamps as prescribed herein for use on taxable tobaccos sold
and delivered by them, the Department of Revenue shall allow on such sales
of tobacco tax stamps a discount of 4.75 percent on the entire amount
of the sale. Where wholesalers or jobbers are entitled to purchase stamps
at a discount as herein provided, instead of the Department of Revenue
selling such stamps to such jobbers or wholesalers for cash, it may consign
such stamps, if and when such wholesaler or jobber shall give to the Department
of Revenue a good and sufficient bond executed by some surety company
authorized to do business in this state, conditioned to secure the payment
for the stamps so consigned when and as they are used on manufactured
tobacco products by such wholesaler or jobber. Every wholesaler or jobber
purchasing stamps on consignment as described herein, shall be required
to make a full and complete accounting and remittance on or before the
twentieth of each month for all stamps used on taxable tobaccos during
the preceding month. Every wholesaler or jobber refusing or failing to
comply with this section shall forfeit the commission or discount on stamps
used which he failed or refused to account or remit for in the time allowed,
and in addition shall be charged interest on such delinquent amount for
each day delinquent at the rate of eight percent per annum.
(Acts 1935, No. 194, p. 256; Code 1940, T. 51, §728; Acts 1951, No.
296, p. 590, §3; Acts 1955, No. 532, p. 1181; Act 2015-535, 2nd Ex.