What is a Nebraska Taxable Fuel Bond?
A Nebraska Taxable Fuel Bond is a tangible guarantee providing solid assurance that all taxable fuel registrants will comply with all their tax obligations due to the government with regards to the activities of selling, mixing, and distributing fuel as mandated under 26 U.S. Code 6151.
This bond safeguards the State of Nebraska and the public from fuel vendors who conduct themselves in an untrustworthy manner, engage in fraudulent activities, or attempt to evade paying their taxes including fines and penalties.
Why do you need the Nebraska Taxable Fuel Bond?
You need the Nebraska Taxable Fuel Bond because your business is important to you. You want to be viewed as a business owner who knows how to protect not just clients but the public in general. The bond likewise depicts you as a responsible business owner who thinks of the community it operates, thus, making you appealing to potential customers. With this bond, existing clients and potential patrons will look at you as an individual of dependability, credibility, consistency, and respectability.
More details about the Nebraska Taxable Fuel Bond
The bond is a public liability commitment to the US government which is considered to be a responsibility of a principal. It must be accomplished by a surety company registered with the Department of Treasury Circular 570 as a legal and respectable surety of federal bonds.
What is the cost of a Nebraska Taxable Fuel Bond?
For a producer, supplier, distributor, wholesaler, importer, or a compressed fuel retailer, the bond is computed in an amount akin to three times the monthly tax liability of the licensee rounded to the next higher multiple of $1,000. In the case of an exporter, the amount and duration of the bond shall be fixed by the department. Bonds amounts for all licensees cannot be less than these amounts:
Motor vehicle fuels, diesel fuels or both – $20,000;
Aircraft fuels – $10,000;
Compressed fuel retailer – $1,000
How do I get a Nebraska Taxable Fuel Bond?
Getting a Nebraska Taxable Fuel Bond is easy. For faster results, choose a competent and legitimate surety bond company to assist you. With the services of a qualified surety bond practitioner, you don’t only get to protect your business, you also get to safeguard your reputation and business image, provide valuable service to your clients, all in a cost-effective way.