Wisconsin § 139.315 - Cigarette inventory tax imposed; procedures.

§ 139.315. Cigarette inventory tax imposed; procedures.

139.315(1) (1) Inventory tax imposed. On the effective date of any increase in the sum of the rates under s. 139.31 (1) (a) and (c) or in the sum of the rates under s. 139.31 (1) (b) and (d) , an inventory tax is imposed upon cigarettes held in inventory for sale or resale on which the cigarette tax has been paid at the prior rate and upon unaffixed stamps in the possession of distributors. Any person who is in possession of any such cigarettes or unaffixed stamps shall pay the tax imposed under this section. Any person liable for this tax shall determine the number of cigarettes and unaffixed stamps in the person’s possession on the effective date of the increase, and by the 30th day after the effective date of the increase the person shall file a return and shall by that date pay the tax due. 139.315(2) (2) Inventory tax computation. The cigarette inventory tax under this section is computed by multiplying the number of cigarettes held in inventory for sale or resale by the difference between the prior tax rate and the new tax rate and adding to that amount an amount determined by multiplying the number of unaffixed stamps held by the difference between the prior tax rate and the new tax rate. 139.315(3) (3) Administration. Sections 71.74 (1) , (2) , (10) , (11) , (13) and (14) , 71.75 (4) to (7) , 71.80 (12) , 71.82 (2) , 71.83 (2) (b) 3. , 71.88 (1) (a) and (2) (a) ,