§ 4.1-238 Bond required to secure excise tax liability on beer and wine coolers, and wine stored in bonded warehouses
A. Every manufacturer, bottler, or wholesaler, as a condition precedent to obtaining a license to sell beer or wine coolers to a licensed retailer, shall file a bond with the Board in such sum and with such surety as the Board deems adequate to cover the tax liability of each such manufacturer, bottler, or wholesaler. The sum of such bond shall be proportioned to the volume of business of each such manufacturer, bottler, or wholesaler, but shall in no event be less than $1,000 or more than $100,000. Such bond shall be conditioned upon the payment by such manufacturer, bottler, or wholesaler of the tax imposed by § 4.1-236.
B. Every holder of a bonded warehouse permit, issued in accordance with subdivision 13 of § 4.1-212, as a condition to obtaining the permit, shall file a bond with the Board in such sum and with such surety as the Board deems adequate to cover the tax liability of each such permittee. The sum of such bond shall be proportioned to the volume of business of each such manufacturer, bottler, or wholesaler, but shall in no event be less than $1,000 or more than $10,000. Such bond shall be conditioned upon the payment by the permittee of the tax imposed by § 4.1-234.
C. The Board may waive the requirement of both the surety and the bond, in cases where a manufacturer, bottler, or wholesaler has previously demonstrated his financial responsibility.
D. Upon the termination of the bond, its guaranty or surety, the Board, upon reasonable notice to the manufacturer, bottler, or wholesaler so licensed, may suspend the license so granted until such times as the required bond is filed or the proper surety or guaranty is given.
History
This law was first created in 1988. The record of its establishment is cataloged in chapter 261 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1993, chapter 866; in 2003, chapter 564; in 2020, chapters 1113 and 1114.
1988, c. 261, § 4-138; 1993, c. 866; 2003, c. 564; 2020, cc. 1113, 1114.