Mixed Beverage Gross Receipts Tax Bond

Mixed Beverage Gross Receipts Tax Bond

The Mixed Beverage Gross Receipts Tax Bond is a surety bond required by the Texas State Comptroller's office from all businesses holding a new Mixed Beverage liquor license issued by the Texas Alcoholic Beverage Commission.

When the TABC issues a new Mixed Beverage liquor license, the State Comptroller will send a letter to the business requesting that a "Continuous" Mixed Beverage Gross Receipts Tax Bond be posted to insure the State against non-payment of liquor taxes up to an amount of $7,500.

This type of a bond is generally considered a high risk bond because of the high rate of default by new businesses holding a Mixed Beverage liquor license and the fact that there are fewer surety companies investing in this field. Consequently, the cost of the bond can vary greatly depending on the business owner's credit rating and typically ranges 10% to 20% of the face value of the bond.

The term "continuous" means that the bond is automatically renewed at the end of the first year for one additional year at no additional charge for a total term of two years, after which if a good tax payment history has been established by the business then it may become exempt from having to post another bond.

This article was written by Stephen Lindsey of Texas Liquor License, a professional permit service.

Wikimedia Foundation. 2010.

Look at other dictionaries:

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

  • India — /in dee euh/, n. 1. Hindi, Bharat. a republic in S Asia: a union comprising 25 states and 7 union territories; formerly a British colony; gained independence Aug. 15, 1947; became a republic within the Commonwealth of Nations Jan. 26, 1950.… …   Universalium

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

  • Russia — /rush euh/, n. 1. Also called Russian Empire. Russian, Rossiya. a former empire in E Europe and N and W Asia: overthrown by the Russian Revolution 1917. Cap.: St. Petersburg (1703 1917). 2. See Union of Soviet Socialist Republics. 3. See Russian… …   Universalium

  • Australia — /aw strayl yeuh/, n. 1. a continent SE of Asia, between the Indian and the Pacific oceans. 18,438,824; 2,948,366 sq. mi. (7,636,270 sq. km). 2. Commonwealth of, a member of the Commonwealth of Nations, consisting of the federated states and… …   Universalium

  • Argentina — /ahr jeuhn tee neuh/; Sp. /ahrdd hen tee nah/, n. a republic in S South America. 35,797,536; 1,084,120 sq. mi. (2,807,870 sq. km). Cap.: Buenos Aires. Also called the Argentine. Official name, Argentine Republic. * * * Argentina Introduction… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.