Iowa Code r. 701-232.3 - Distributor bond
(1)
Generally. A bond in the amount of $1,000 is required to be
posted before a distributor's permit can be issued, regardless of whether or
not the distributor is permitted and bonded as a cigarette permittee.
(2)
Aggregation. If the
distributor has a cigarette permit of any kind and is required to post a bond
thereunder, the amount of the cigarette bond(s) and the tobacco bond(s) may be
aggregated to reach a single bond requirement, and the distributor may provide
a single bond in the aggregate amount provided the bond may be used to
discharge either a cigarette tax liability or a tobacco tax liability. Rule
701-230.4 (453A) provides more
information about bonds.
This rule is intended to implement Iowa Code section 453A.44.
Notes
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