44-20-19.Sales of Stamps to Distributors

The tax administrator shall sell stamps only to licensed distributors at a discount. The distributor remits to the division of taxation ninety-eight and three-fourths percent (98.75%) of the face value of the stamps thereby receiving a discount of one and one-quarter percent (1.25%) of the face value of the stamps. The ninety-eight and three-fourths percent (98.75%) remitted to the tax administrator is paid over to the general revenue. The tax administrator may, in his or her discretion, permit a licensed distributor to pay for the stamps within thirty (30) days after the date of purchase; provided, that a bond satisfactory to the tax administrator in an amount not less than the sale price of the stamps has been filed with the tax administrator conditioned upon payment for the stamps. The tax administrator shall keep accurate records of all stamps sold to each distributor.