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(a) An applicant for a warehouse license shall post a bond in an amount sufficient to guarantee payment of the alcoholic beverage excise tax on the alcoholic beverages to be stored in the licensed warehouse, as defined in (c) of this section. The bond may be in the form of a surety bond and made payable to the department, cash deposited with the department, or a letter of credit from a bank.
(b) In lieu of the bond required in (a) of this section, the applicant may file an affidavit with the license application described in 15 AAC 60.060, stating that the applicant owns real property in the state equal in value to at least twice the amount of alcoholic beverage excise tax on the alcoholic beverages to be stored in the warehouse, as defined in (c) of this section, on which the alcoholic beverage excise taxes may become a first lien. The affidavit must include a description of the property and an appraisal of the fair market value of the applicant's interest in the property.
(c) The alcoholic beverage excise tax on the alcoholic beverages to be stored in the licensed warehouse is the amount of tax that would be payable on the anticipated maximum quantity of inventory to be held in the warehouse at any time during the license period. The anticipated maximum quantity of inventory must be determined subject to the approval of the department, on the basis of past experience and any reasonably expected changes in the market during the license period.
History: Eff. 8/7/82, Register 83
Authority: AS 43.05.080
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Last modified 7/05/2006