N.Y. Comp. Codes R. & Regs. tit. 20 § 411.4

Current through Register Vol. 46, No. 45, November 2, 2024

Section 411.4 - Time for filing a bond, depositing acceptable security and increasing the amounts thereof

Tax Law, § 283(3), (6)

(a) An applicant for registration as a distributor of motor fuel will not be registered until such applicant files a bond or deposits acceptable security with the Department of Taxation and Finance in such amount as the department may require.

(b) The department may require that the amount of a bond or the amount of deposited security be increased at any time when in its judgment such increase is necessary as a protection to the revenues under article 12-A of the Tax Law and articles 28 and 29 of such law. Such increase must be filed within 30 days from the date of the notice and demand therefor. An accelerated hearing, pursuant to section 283(6)(b)(ii) of the Tax Law, to review an increase in the amount of a bond or other security will be accorded a distributor, provided a petition for such review is filed within seven days of the date of the notice and demand for such increase. (See Part 3000 of this Title for hearing procedures.)

N.Y. Comp. Codes R. & Regs. Tit. 20 § 411.4