Florida Fuel Tax Bond | AmeriPro Surety Bonds
Florida Fuel Taxes
The Florida fuel tax bond is required of certain industries as a condition of licensing with the state.
These Florida industries include:
- Bio-diesel manufacturers;
- Retailers of Natural Gas;
- Terminal Suppliers;
The Florida Department of Revenue, Fuel Unit, is the obligee, that is the entity requiring this surety bond as a condition of licensing.
You, as purchaser of the bond are known as the “principal” or obligor for this surety bond.
Florida Fuel Tax Bond: Purpose
As its name indicates, the Florida fuel tax bond is a surety bond which is a financial guarantee that licensees will pay all taxes due in a timely manner.
As such, the bond exists for the sole purpose of protecting the state against the failure of a licensee to pay taxes to the state. The bond does not protect you or your business at all; it is not an insurance policy.
Should you fail to pay taxes, the bond allows the state to file against the bond to collect taxes due up to the bond’s amount.
However, any amount paid against the bond must be fully reimbursed by you — the principal. This reimbursement includes all costs, fees, and interests (if applicable) paid from the surety bond to satisfy taxes due.
Florida Fuel Tax Bond: Amount Required
The Department of Revenue has a formula to calculate the amount of bond that must be filed as a condition of licensing.
In any event, that amount reaches a maximum amount of $100,000.
You will to complete the application and calculations for the surety amount required as mandated by the state.
Some very general guidelines include:
- Exporters will file a surety bond for 3 times the amount of the average balance of taxes due on gallons for export;
- Suppliers and wholesalers are required to file a surety bond that is 3 times the average monthly tax levied against them by Florida state and Florida local taxing authorities.
Qualifying for the Florida Fuel Tax Bond
When you call our agency, you will tell our representative the type of bond “Florida fuel tax” that you require and the amount that is required.
Much of the application can be completed right over the phone.
If we require additional information, it will invariably relate to business or personal financials (net worth, investments, cash on hand, etc.); and, so, you may wish to have this available when you do call.
We will work with you to have your surety bond issued in a timely manner for filing with the state.
Depending on the size, and information requested and provided, it may take several business days for the bond’s issuance.
Once issued, we can email a copy of the bond to you; however, you must file the original bond which will be mailed immediately to the designated address.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary bonds throughout Florida.
Our agency looks forward to working with and for you to obtain the fuel tax bond you require.
We also provide surety bonds nationwide.