Title 15 . Revenue

Chapter 10 . (Repealed)

Section 20. Tax liability security requirements

15 AAC 10.020. Tax liability security requirements

(a) The taxpayer shall post a tax liability bond, make a cash deposit or post other security with the department at the same time as the affidavit required by 15 AAC 10.010 is filed or is required to be filed, whichever is earlier, in an amount equal to or greater than the "annual required security" as defined in 15 AAC 10.030. The annual posting of a tax liability bond, payment of a cash deposit, or posting of other security is in addition to the tax liability bonds, cash deposits, or other security posted with affidavits filed for previous years and is in addition to any taxes or license fees paid or owing during the current year. Payments treated as a cash deposit in accordance with the tax liability security requirements may not be used at the taxpayer's request to pay taxes or license fees until returned by the department.

(b) If the value of the taxpayer's interest in real property shown on the affidavit in response to AS 43.10.160 (a)(5) for the current year equals or exceeds the sum of (1) the "annual required security" as defined in 15 AAC 10.030, plus (2) the "annual required security" required to have been shown on all affidavits for each previous year for which an affidavit was required, that is not a year closed by the period of limitation on assessment or collection of tax for that year, and for which other security has not been provided, then the taxpayer is not required to post a tax liability bond or make a cash deposit as specified in (a) of this section.

History: Eff. 6/21/78, Register 66; am 5/16/81, Register 78

Authority: AS 43.05.080

AS 43.10.160