What is an Oregon Highway Use Tax Bond?
Highways are fundamental components of a country’s infrastructure. Based on a report drafted by the Federal Highway Administration (FHWA), there are approximately four million miles of public highways in the US. While the financial outlay of users’ travel tremendously varies from the expenditure of highway construction, upkeep, and repairs, these expenses are related.
Thus, there is a need for extensive road users to shoulder the burden concomitant to highway use. One of these is the Highway-Use Tax Bond.
But what is it and why some people should have this? The Highway Use Tax Bond in Oregon guarantees the protection and safety of all goods and passengers carried on certain motor vehicles. This bond also makes sure that transportation firms are compliant with all the rules and regulations stipulated within the Oregon Revised Statutes Chapters 825 and 826.
More importantly, the Oregon Highway-Use Tax Bond is strictly required by the Oregon Department of Transportation from motor carriers/vehicles on public roads.
Why do you need an Oregon Highway Use Tax Bond?
You need the Oregon Highway Use Tax Bond because your company, its image, and your clients are important to you. With this bond, existing and prospective buyers will feel secure that you will act by all the laws mandated upon you.
What is the cost of an Oregon Highway Use Tax Bond?
The Oregon Highway Use Tax Bond’s amount will differ and is reliant on the number of vehicles that a company uses. It can range from $2,000 to $10,000. Bond amounts are designated as follows:
- $2,000 bond amount for one vehicle;
- Add $375 to the initial $2,000 bond amount for each vehicle between 2 and five vehicles;
- Add $250 to the initial $2,000 bond amount for each vehicle between 6 and ten vehicles;
- Add $125 to the initial $2,000 bond amount for each vehicle more than ten vehicles.
The Highway Use Tax Bond premium amount is not expensive but highly dependent on your financial history and credit score. If you have a poor credit rating, it is expected that you will be asked to pay a higher premium amount compared to one having a seamless credit history and excellent financial record.
How do I get an Oregon Highway Use Tax Bond?
Obtaining a bond is simple. However, be sure to contact only genuine professionals in the field of surety. Give Surety Bond Authority specialists a call now! With Surety Bond Authority taking care of your business affairs, you will have the answers you need and the solution to whatever concerns you have in protecting your business.