Georgia NonResident Contractor’s Tax Bond
AmeriPro Surety Bonds| 844-589-9732
Georgia Nonresident Subcontractors and Tax
In Georgia, non-resident subcontractors who:
- perform work valued valued at $250,000 or more
- do not have 2% of the value of the work held from payment by the general contractors
- must furnish the Georgia Department of Revenue with evidence of having obtained a surety bond.
AmeriPro Surety Bonds offers you the surety bond in the amount required by law.
Georgia NonResident Contractor’s Tax Bond: Its Purpose
The purpose of the bond is simple enough: It is a financial guarantee that all taxes owed to the state as a subcontractor, subject to the conditions mentioned above, will be paid.
The surety bond’s existence ensures that if the subcontractor fails to make payment on taxes owed as a nonresident in Georgia, that the state’s Department of Revenue will still be able to collect on those taxes by filing against the surety bond.
Therefore, while the bond is required of the subcontractor, its benefit is solely for the state of Georgia, specifically the State Revenue Commissioner.
Should any claim be paid against your surety bond, you are not off the hook, however. As principal for this bond, you are responsible for all fees and costs paid to settle any claim against your surety bond.
Georgia Nonresident Contractor’s Tax Bond: The Premium and Bond Term
Typically, an applicant with good credit may expect to pay about 2% of the bond amount required; however, we emphasize that that amount may vary.
The amount that you will be required to pay will be determined by an application and a credit check.
Once issued, the nonresident contractor’s tax bond is good for a period of one year, and thereafter the surety bond must be renewed.
AmeriPro Surety Bonds provides tax-related surety bonds throughout Georgia and nationwide.
Our agency also provides contractor, license and permit, court, and other fiduciary bonds as required.
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