N.H. Code Admin. R. Saf-C 303.04 - IFTA Bond Requirement
(a) The
administration shall require a bond executed by a surety company in the event
of failure to pay taxes in accordance with the provisions set forth in
Saf-C
303.01(a).
(b) The bond required pursuant to (a) above
shall be in an amount equal to the quarterly IFTA tax liability of the
licensee.
(c) In lieu of
furnishing a bond executed by a surety company, a licensee may deposit cash or
cash equivalent to the state treasurer in the amount of the bond required
pursuant to this section.
(d) In
lieu of (a) or (c) above, a licensee may file a letter of credit from his/her
bank that is in compliance with the Uniform Commercial Code, stating that the
bank will honor demands for payment necessary to meet the requirements of this
section.
(e) After 4 consecutive
quarters, in the event that all taxes have been paid, the licensee shall be
released from the requirements of this section.
Notes
(See Revision Notes #1 and #2 at chapter heading for Saf-C 300) #10032, eff 11-22-11
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