Bond

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64:06:01:02. Bond . A cash bond endorsed in the name of the department or a bond issued by a corporate surety company authorized to do business in South Dakota in an amount sufficient to guarantee payment of tax for a six-month period is required from retailers engaged in business within the state of South Dakota in the following circumstances:

# (1)

A taxpayer is delinquent in either reporting or paying tax for two reporting periods in any twelve-month period;

# (2)

A taxpayer is engaged in a type of business which, in the experience of the department, has had problems with tax delinquency; or

# (3)

A taxpayer does not have sufficient unencumbered assets in this state to ensure that a possible future delinquent tax liability is collected.
If a taxpayer has no prior history of tax payment, the amount of the bond is based upon the taxpayer's estimate of gross receipts in a six-month period, provided that the taxpayer's estimate is determined by the department to approximate known receipts of similar businesses.

Last amended: Source: SL 1975, ch 16, § 1; 2 SDR 40, effective December 8, 1975; 5 SDR 60, effective January 25, 1979; 9 SDR 28, effective September 5, 1982; 11 SDR 1, effective July 19, 1984; 13 SDR 129, 13 SDR 134, effective July 1, 1987; 21 SDR 219, effective July 1, 1995; 28 SDR 178, effective July 1, 2002; 32 SDR 225, effective July 3, 2006. General Authority: SDCL 10-45-47.1(1) , 10-45D-13(1) , 10-46E-11(1), 10-52A-7(1). Law Implemented: SDCL 10-45-24 , 10-45-26 , 10-45D-12 , 10-46E-8, 10 -52A-6.

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