A Fuel Tax Bond is a type of surety bond needed for fuel companies to obtain licensing. It is required for those planning to sell, import, export, mix, or supply fuel. It guarantees your company’s compliance with all state regulations, in addition to payment of taxes to the state you are obtaining your license in. Contrary to popular belief, this bond is put in place not to protect you, but rather the state and your clients from any violations or misrepresentation on your part.
Fuel Tax Bonds are individually underwritten, and as such, prices may vary quite a bit. Your premium will largely be determined by credit and financials and may be as low as 0.5% of the bond amount (the maximum bond amount currently set at $300,000).
Due to a recent change in the Florida legislature (see Chapter 2020-10 in Laws of Florida regarding Taxation), the required maximum bond amount has been increased from $100,000 to $300,000 and is effective July 1, 2020. Per a notice from the Department of Revenue, “if your current bond amount is less than three months of tax liability, you will be required to obtain or increase an existing bond up to $300,000.” The bond amount will be set at approximately three times your average monthly tax from the previous year.
If you are a terminal supplier, importer, exporter, or wholesaler of fuel in Florida, you will be required to obtain a surety bond. Each license requires a separate bond (i.e., motor fuel, diesel fuel, aviation fuel, and pollutants). Exceptions for this bond requirement may be granted for municipalities, counties, school boards, state agencies, federal agencies, or special districts.
You can apply instantly by clicking here and completing our online application! We will contact you with your quote or if we need further information. If you have questions about Florida Fuel Tax Bonds or the bonding process itself, feel free to send us a message via live chat or give us a call at (866) 426-1645.
The ProSure Group is a bonding company that has been in the surety bond business since 1993. Our bond specialists issue millions of Florida surety and other state licensing bonds all over the nation every year. We have exclusive partnerships with over 30 different surety bond companies. Our streamlined process ensures that you get the efficiency and expertise you need for your company’s bonds. We strive to get you the best, most competitive bond pricing and terms available in the marketplace!
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