{"id":1248,"date":"2013-06-18T02:52:05","date_gmt":"2013-06-18T02:52:05","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=1248"},"modified":"2017-06-08T04:28:47","modified_gmt":"2017-06-08T04:28:47","slug":"kentucky-gasoline-dealer-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/kentucky-gasoline-dealer-bond\/","title":{"rendered":"Kentucky Gasoline Dealer Bond"},"content":{"rendered":"

A license and Kentucky gasoline dealer bond<\/strong> are required in order to refine, produce, distill, manufacture, blend, compound, receive, use, sell, transport, store, or distribute any gasoline or special fuel. \u00a0Pursuant to KRS\u00a0\u00a7138.310<\/a>, sale, storage or transportation of any gasoline or special fuel within the state of Kentucky upon which the tax has not been paid is also prohibited without a license. \u00a0Gasoline tax is levied on the average wholesale price per gallon with a minimum wholesale price of $1.786 per gallon. \u00a0The tax becomes a liability of the dealer when the gasoline is received or enters the dealer’s storage facility. \u00a0The Kentucky gasoline dealer bond<\/strong>\u00a0is defined as “financial security” under KRS\u00a0\u00a7138.330<\/a>, and is chiefly a guarantee of tax payment. \u00a0Each gasoline dealer must\u00a0file with the Department of Revenue<\/a> a financial instrument in an amount not to exceed three (3) months’ estimated liability as computed by the department or five thousand dollars ($5,000) whichever is greater. \u00a0For a new licensee, the Kentucky gasoline dealer bond\u00a0<\/strong>must be written in a\u00a0minimum amount of five thousand dollars ($5,000) until such time as an estimated three (3) months’ liability can be established by the Department. The surety bond must be conditioned upon the prompt filing of true reports by the dealer and the payment by the dealer to the State Treasurer of all gasoline and special fuel excise taxes imposed by the state, together with all penalties and interest thereon, and generally upon faithful compliance with the provisions of KRS 138.210 to 138.340. \u00a0If the Kentucky gasoline dealer bond\u00a0<\/strong>is reduced, whether by judgment rendered, payment made, or otherwise, or if the Department feels that any surety on the bond has become unsatisfactory or unacceptable, then the Department can require the dealer to file a new surety bond with satisfactory sureties in the same amount. \u00a0Failure to replace the original bond will result in cancellation of the license of the licensee in accordance with the provisions of KRS 138.340. The obligation is cancelable pursuant to \u00a7138.330<\/a>, the\u00a0surety must be released from all liability to the state accruing on the Kentucky gasoline dealer bond<\/strong> after the expiration of sixty (60) days from the date upon which the surety files with the Department a written request to be released. \u00a0The cancellation does not release the surety from any liability already accrued before the expiration of the sixty (60) day period. Neither the bond form nor the underlying statute address cumulative liability of the surety. \u00a0The obligation may be continuous however further exploration with the Department is necessary to understand its treatment of the surety’s guarantee.<\/p>\n

Kentucky surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0underwrites fuel tax surety bonds, IFTA bonds, and fuel distributor bonds for air, maritime and ground transportion operators as well as dealers\/distributors. \u00a0No surety bonding company is more agile or responsive than we!\u00a0We welcome applications from domestic and foreign operations. \u00a0Visit us at\u00a0SuretyOne.com<\/a>, call\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a Kentucky gasoline dealer bond<\/strong> application or information regarding any bond need.<\/p>\n","protected":false},"excerpt":{"rendered":"

A license and Kentucky gasoline dealer bond are required in order to refine, produce, distill, manufacture, blend, compound, receive, use, sell, transport, store, or distribute any gasoline or special fuel. \u00a0Pursuant to KRS\u00a0\u00a7138.310, sale, storage or transportation of any gasoline… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2521,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[129],"tags":[2274,2275,2273,2269,2270,1544,1542,1545,2271,2272,1543,1734,51],"yoast_head":"\nKentucky Gasoline Dealer Bond<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/kentucky-gasoline-dealer-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kentucky Gasoline Dealer Bond\" \/>\n<meta property=\"og:description\" content=\"A license and Kentucky gasoline dealer bond are required in order to refine, produce, distill, manufacture, blend, compound, receive, use, sell, transport, store, or distribute any gasoline or special fuel. \u00a0Pursuant to KRS\u00a0\u00a7138.310, sale, storage or transportation of any gasoline... 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