5-415. Excessive gross receipts; change of
license class
A. If a licensee's gross receipts exceed the limit set for the licensee's class of
license, the licensee:
1. Shall immediately notify the licensing authority that the limit has been
exceeded.
2. Shall submit any additional documents and meet any additional requirements for
the new class of license applicable to the level of gross receipts.
3. Shall pay to the licensing authority the fee for the appropriate class of the
license less the amount originally submitted for the previous class of the license.
4. Is liable for tax at the rate applicable to the new class of license and shall
pay to the licensing authority the tax computed at this higher rate on the gross receipts
for the expired portion of the term of the previous license less the taxes previously
paid for gross receipts earned during this period.
B. The new class of license shall be issued for the remainder of the term of the
previous license. At the expiration of this term the licensee may renew its new class of
license or apply for another class of license if it has a good faith belief that it will
qualify for the other class of license.
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