What is an Idaho Taxable Fuel Bond?
According to the 2017 Short-Term Energy Outlook data by the U.S. Energy Information Administration, U.S. gasoline requirements have skyrocketed to 9.28 million barrels per day in 2016. This figure emanates from the 260.4 million registered vehicles all over the country as reported by the Bureau of Transportation Statistics. With this very high demand, the number of convenience stores selling motor fuels in the United States has also escalated to 123,807 as per record of the NACS/Nielsen 2017 Convenience Industry Store Count.
Noting this high demand for fuel, the escalating number of vehicle ownerships, and the continuous increase of fuel outlets emerging in the market, it will not be surprising if unethical practices surface. These practices could be deleterious to both the government and to fuel end users. It is in this view that the Taxable Fuel Bond exists.
The Idaho Taxable Fuel Bond is an indisputable pledge demonstrating taxable fuel dealers’ and merchants’ readiness to conform to all tax obligations due to the government in relation to the activities of retailing, mixing, and distributing fuel. This likewise serves as security that shields the State of Idaho from fuel merchants and retailers who engage in deceitful activities or conduct themselves in a disreputable manner and renege from paying their taxes, charges, and fines.
Why do you need an Idaho Taxable Fuel Bond?
You need the Idaho Taxable Fuel Bond because your venture is very important to you and you consider your trade as central to the economy. The bond can serve as an excellent marketing tool for you to stand out among your peers within the industry. With this bond, your clients and other stakeholders will look at you as an entrepreneur of dependability, someone who can be trusted, and a true professional.
More details about the Idaho Taxable Fuel Bond
Since a Taxable Fuel Bond is mandated by a federal agency, the surety company that underwrites the bond must be an authorized company found on the list of the Department of Treasury Circular 570. Once the bond has been issued, it will remain enforceable and needs to be renewed every year provided that the registrant still wants to continue operations.
How much does an Idaho Taxable Fuel Bond cost?
The Idaho Taxable Fuel Bond’s total amount:
- shall be established by the commission and shall correspond to at least twice the projected normal tax accountability for a reporting period;
- may be increased or lessened by the commission at whatever time.
- will be waived if the commission is satisfied that the distributor has the financial capacity to meet the mandated amount;
- shall be a continuing instrument and shall cover the period unless discharged by the commission.
There is no pre-set amount for the bond’s premium and is highly reliant on the registrant’s financial capacity, potential income, and tax payments history. This means that the bond amount is specific to each applicant.
How do I get an Idaho Taxable Fuel Bond?
Getting an Idaho Taxable Fuel Bond is effortless. Choose a reliable surety company that you know can serve your specific needs, can address your concerns without delay, and can respond to whatever challenges you will encounter in the process. Give them a call NOW!