§ 12.50.060. Tax receipts to be segregated and held in trust for the municipality.

Latest version.

A.

Taxes collected pursuant to this chapter belong to the municipality at the time collected from the consumer by the retailer. The retailer has a fiduciary duty to the municipality for these taxes. The taxes shall be segregated from the retailer's funds, at least by book account, and held in trust for the exclusive benefit of the municipality until remitted to the municipality.

B.

When the circumstances described in section 12.50.160E. have occurred, the chief fiscal officer may require the retailer to maintain a separate account, as directed, for segregating tax monies collected. The retailer required to establish an account under this section shall deposit tax monies therein upon collection. Any costs incurred to maintain the separate account shall be borne by the retailer.

( AO No. 2016-49(S), § 1, 5-10-16 )

                    
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