South Carolina Taxable Fuel Bond
Get informed about the importance of this surety bond!
What is a Taxable Fuel Bond?
As per the South Carolina Department of Revenue mandate, each of the following persons who are applying for a license to conduct a business that involves taxable fuel must submit a surety bond:
- Permissive supplier
- Terminal operator
- Occasional importer
- Tank wagon operator-importer
- Fuel vendor
- Miscellaneous fuel user fee
The purpose of the surety bond is to ensure that the taxable fuel licensee will promptly pay the necessary taxes due.
If the licensee defaults on the tax payment, the Obligee of the surety bond will be able to recover the amount due through a bond claim.
The surety bond requirement is in pursuance of Section 12-28-1155 of the South Carolina Code of Laws.
What is the Taxable Fuel Bond amount?
The bond amount will vary per license applicant as determined by the Director or administrative head of the Department of Revenue.
The bond amount will be based on a three-month user fee liability of the license applicant. However, the bond amount will not be less than $2,000.
$2,000,000 – bond amount for suppliers and importers only
Once you have determined your bond amount, you can find out what your bond premium will be by claiming your FREE SURETY BOND QUOTE HERE!
Those who have excellent credit scores will be eligible for a very low bond premium!
How can I get a Taxable Fuel Bond?
You can easily get this surety bond from us! We will guide you through the entire process.
Here’s how to do get bonded:
- You have to send an application to us. If you are ready to do that now, you may APPLY HERE!
- After we have received your application, we will ask you to submit the necessary information needed for the underwriting process. These are the following:
- Your financial capability
- Your business or job performance history
- Your credit score
An expert underwriter will carefully evaluate all three to attain the best credit decision possible. To avoid any delay, the information that you should submit should be organized and concise.
- Your surety bond will be issued and sent to you!
What are the surety bond conditions?
- The surety bond should be issued by a surety bond agent or company that is authorized to conduct business in the State of South Carolina
- The Obligee of the surety bond will be the State of South Carolina
- The licensee is obligated to comply with the provisions of Title 12, Chapter 28 of the South Carolina Code of Laws as well as the rules and regulations of the South Carolina Department of Revenue
- If the licensee commits a violation, the Obligee will be eligible to file a claim against the surety bond