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How much does a Virginia Beach admissions tax bond cost?
The Commissioner of Revenue of Virginia Beach, Virginia, requires professionals who charge admission for events and/or establishments to post surety bonds in varying amounts. Applicants should verify their required bond amount with the city prior to bonding.
These bonds are subject to underwriting consideration, so the price you’ll pay depends not only on your required amount of bond coverage but also on a review of your personal credit report. The best way to find out exactly how much you’ll pay for your bond is to request a free bond quote now!
Call 1 (800) 308-4358 to speak with one of our expert surety specialists. Or, you can submit an online bond request, and one of our experts will contact you right away to walk you through our fast and easy bonding process.
Why do I need this bond?
Virginia admissions tax bonds ensure that principals (admission-charging professionals) comply with 35-181 of the Virginia Beach City Code. Specifically, the bond guarantees that principals will file reports as prescribed by the Commissioner of Revenue and make proper tax payments to the city as required. The bond protects the city from financial loss if the principal fails to comply with these terms.
Facilities in Virginia Beach required to post this bond include:
- night clubs
- lectures or talks
- swimming pools
- ice skating rinks
- bars or lounges
- amusement rides
What’s the fine print?
Admissions tax surety bonds in Virginia remain in full force and effect until canceled or violated. The surety can cancel the bond at any time by sending written notice of cancellation via First Class U.S. Mail to both the City of Virginia Beach and the principal. Termination becomes effective 60 days after the postmark date of the notice.
There is a separate bond form for sole proprietorship/partnership businesses and corporation businesses, so applicants should know their business entity type when they come to SuretyBonds.com for their bonding needs.