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How much does a parking tax collection bond cost in California?
The city of San Francisco requires parking tax collection bonds in the amount of $20,000. The required amount of Los Angeles parking occupancy tax collection bonds vary, so applicants should verify their required amount of bond coverage with the city prior to bonding.
These bonds are subject to underwriting consideration, so the price you’ll pay depends on a review of your personal credit report. The best way to find out exactly how much you’ll pay is to request your free bond quote now!
Purchasing your California surety bond is quick and easy when you work with the experts at SuretyBonds.com! Call 1 (800) 308-4358 or apply for your free bond quote now.
Why do I need this bond?
By posting a California parking tax collection bond, principals (parking facility operators) in Los Angeles pledge to do the following:
- Collect indicated parking occupancy taxes
- Report the total amount of fees charged and received during the preceding calendar month to the city on or before the 25th day of each calendar month
- Remit to the city the full amount of parking occupancy tax collected and parking occupancy tax not collected but required to be collected
Principals in San Francisco pledge to do the following:
- Pay all monies owed to the San Francisco Tax Collector on or before the last day of the month immediately following the month for which payment is due in compliance with Article 6 of the San Francisco Business and Tax Regulations Code
- Comply with Article 9 of the San Francisco Business and Tax Regulations Code, which imposes an effective tax of 25% on the rent of every occupancy of parking space in a parking station in the city and county of San Francisco
- Comply with Article 22 of the code, which imposes revenue control equipment requirements and compliance fees on parking operators
If the principal fails to comply with the terms of the surety bond contract, the bond protects the city from financial loss up to the full bond amount.
What’s the fine print?
San Francisco parking tax collection bonds are continuous in nature and remain in full force and effect while the principal operates parking facilities between January 1 and December 31 of the year indicated on the bond form. The surety can cancel the bond at any time by filing written notice of cancellation with the city at least 30 days prior to the effective cancellation date.
Los Angeles parking occupancy tax collection bonds are continuous in form and remain in full force and effect for the duration of the Parking Occupancy Tax Certificate issued to the auto park operator and all renewals thereof issued to such operator unless a specific bond termination date is stated on the bond form. These bonds expire on June 30, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs. The surety can cancel these bonds by filing written notice with the principal and the city. Cancellation becomes effective 30 days after the notice is sent.