280-20-70 R.I. Code R. § 13.6

Current through June 20, 2024

Section 280-RICR-20-70-13.6 - Record-Keeping

A. In addition to the usual record-keeping requirements for retailers, a materialman using the "pay when paid" method must keep the following records for each sale made:

1. The date of the sale;

2. Proof that the sale meets the qualifications for the "pay when paid" method;

3. The amount of credit, if any, extended by the materialman to the contractor for each sale;

4. The terms for payment of the purchase price or repayment of any credit; and

5. The date or dates on which the purchase price is paid or the credit is repaid, in whole or in part, and the amount of each payment or repayment.

B. The records, along with the approval letter from the Tax Division for each year the materialman qualifies to use this method, must be kept for three years from the date the tax on each sale is paid over to the Tax Division in full; provided, however, that the Tax Administrator may require they be kept for a longer period.

280 R.I. Code R. § 280-RICR-20-70-13.6