Anchorage Marijuana Retail Sales Tax Liability Bond
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Anchorage Marijuana Retail Sales Tax Liability Bond
What is an Anchorage Marijuana Surety Bond?
An Anchorage Marijuana Retail Sales Surety Bond is a surety bond that a marijuana retailer may be required to post as a guarantee of its ability to meet all fiduciary responsibilities — including to collect, account for, safeguard, and remit taxes levied in a timely manner — at the time of its application for a certificate of registration.
The amount of the surety bond shall be equal to whichever is the highest amount between:
the estimated average annual sales tax collected by the retailer;
the sales tax collected by a retailer of comparable size;
the industry average of annual sales tax collected; or
$10,000.
A surety can write a Marijuana Surety Bond in Anchorage for as low as 1% of the bond amount — underwriting requirements can vary based on the size of the bond. All applicants need to provide a credit report to obtain a surety bond, while applicants for bonds larger than $25,000 must also produce financial documents.
A retailer can use a surety bond as a method of guarantee of fiduciary responsibility instead of using a deposit in escrow or a letter of credit. The bond must also meet specific criteria to qualify.
The surety that issues the bond must be a company authorized to do such business in the state of Alaska.
The form of the bond must be acceptable to the municipal attorney.
The bond should be payable to the municipality, be conditioned upon payment in full of the tax, including penalties and interest due, and become due to the municipality by the retailer during the effective application period.
The surety should provide written notices to the retailer and its chief fiscal officer no later than 30 days before the expiration, lapse, or termination of the bond.
A marijuana retailer is required to hold its surety bond for the entire period the retailer is registered and operational.
A retailer may use a supersedeas bond in lieu of payment to cover taxes, costs, penalties, or interest owed.
If you are interested in posting an Anchorage Marijuana Surety Bond, but the information you need isn’t listed above, please call our toll-free number, 1-800-480-3883. Marijuana laws are always changing, and we might not have had an opportunity to update our website yet. Also, though most bonds are needed at the state level, some can be required at the city or county level. Regardless of whether the bond you need is found here, we can still write it for you today!
