Enacted into law on September 8th, 2012, Ohio House Bill 508 exempts motor fuel dealers from having to post the tax surety bond previously required by the Tax Commissioner. Before the law was enacted, dealers were required to post a $5,000 surety bond to guarantee taxes would be paid in full for the fiscal year. Under the new legislation, however, motor fuel dealers may be exempted from the surety bond requirement if the taxes are paid in full or not required under certain provisions.
Additionally, HB 508 states that under certain conditions, some motor fuel dealers will need to post a surety bond equal to the tax liability of a three-month period.
If you need a surety bond in Ohio or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 7 a.m. to 7 p.m. CST. You’ll be connected with an expert surety specialist who will walk you through each step of the bonding process.