What is a Florida Citrus Excise Tax Surety Bond?
A Florida Citrus Excise Tax Surety Bond is meant to guarantee the payment of any excise tax required by the Department of Citrus. The Florida Citrus Excise Tax Surety Bond is required by rule 20-9.005 which states that each handler of citrus products must provide a surety bond, cash bond, or certificate of deposit to the Department of Citrus in Bartow, Florida.
What Florida Citrus Excise Tax Surety Bond amount do I need?
The surety bond amount for the Florida Citrus Excise Tax Surety Bond is computed using the following calculation:
- Multiply the number of boxes utilized in the prior season or estimated utilized boxes for the current season (whichever is greater) by the total average citrus excise tax rate from the prior season. This determines the total estimated citrus excise tax.
- Divide the total estimated citrus excise tax by the number of weeks for which tax returns were required to be filed during the previous season. This determines the weekly amount of citrus excise tax.
- Multiply the weekly amount of citrus excise tax by two (2) to determine the total amount of the Florida Citrus Excise Tax Surety Bond needed.
- Please click here to view rule 20-9.005 in its entirety.
How much will my Citrus Tax Bond cost?
Your Citrus Excise Tax Surety Bond cost will be primarily based on your personal credit score. In some cases, mainly for larger bond amounts, your cost can be reduce by providing your personal or business financial statement(s). A ballpark estimate for your bond cost is in between 1-2% of the bond amount needed. However, if negative information exists on your personal credit report, your bond premium can be much higher. Other factors which play into your bond cost are the bond amount, risk associated with the bond, and experience in the citrus industry. The best way to determine your actual bond cost is to apply online by using the application below.
How do I apply for a Citrus Fruit Excise Tax Surety Bond?
- Complete our online Citrus Fruit Excise Tax Surety Bond application, or
- Download and complete our printable Citrus Fruit Excise Tax Surety Bond application, and
- Receive your surety bond quote in minutes!