If any seller, or buyer or other person collecting sales taxes discontinues, sells, leases or otherwise disposes of his or her business, a final sales tax return must be filed within 15 days after the date of the close of business or disposition. Any purchaser, lessee, or other successor-in-interest shall withhold, and hold in trust for the benefit of the city, a sufficient portion of the purchase price or compensation to cover the amount of the tax required to be collected under this chapter, plus any penalties and interest as may be due on unpaid taxes to the city until such time as the former owner has produced a receipt from the city showing that all tax obligations imposed by this chapter have been paid through the date of transfer. The purchaser, lessee or other transferee or successor-in-interest of a business required to collect the tax under this chapter who fails to withhold the amount required by this section shall be liable for all taxes required to have been collected by the former owner but not remitted to the city and shall be liable for all penalties and interest on such unpaid taxes and on late or unfiled returns.
(Ord. 93-4, passed 12-8-92; Am. Ord. 00-02, passed 6-15-00)