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For transactions initiated on or after January 1, 1986:

(1) No use tax, interest thereon or penalties with respect thereto shall be assessed, nor any notice of lien be filed, distraint warrant issued or suit for collection be instituted, nor any other action to collect the same be commenced, more than three (3) years after the date on which the tax was or is payable; nor shall any lien continue after such period, except for taxes assessed before the expiration of such period, notice of lien with respect to which has been filed prior to the expiration of such period, in which case such lien shall continue only for one (1) year after the filing of notice thereof. In the case of a false or fraudulent return with intent to evade tax, the tax, together with interest and penalties thereon, may be assessed, or proceedings for the collection of such taxes may begin, at any time. Before the expiration of such period of limitation, the taxpayer and the Town Manager may agree in writing to an extension thereof, and the period so agreed to may be extended by subsequent agreements in writing.

(2) In the case of failure to file a return, the use tax may be assessed and collected at any time. (Ord. 1263, 2007)