§ 58.1-2412. Surety bond requirement
In addition to penalties for failure to make a timely return or pay taxes when due as provided in § 58.1-2411, the Commissioner may require any rentor, who has failed to make a timely return or pay taxes when due, to file a bond or other security to assure the Commonwealth's collection of moneys due.
The bond shall be in an amount to be determined upon investigation by the Commissioner or to be approximately three times the anticipated average monthly tax to become due by the rentor in the next succeeding three months. In no case shall the amount of the bond be less than $500 nor more than $20,000. The bond shall be (i) in such form as may be approved by the Commissioner, (ii) executed by some surety company licensed to do business under the laws of the Commonwealth of Virginia, (iii) payable to the Commonwealth of Virginia, and (iv) conditioned upon the prompt filing of true reports and the payment by such rentor to the Commissioner of any rental or additional taxes which are now or which may be hereafter levied or imposed, together with any penalties and interest thereon. Such bond shall be so written that, on timely payment of the premium thereon, it shall continue in force from year to year unless sooner terminated.
(Code 1950, § 58-685.17:3; 1982, c. 141; 1984, c. 675.)
Sections: Previous 58.1-2405 58.1-2406 58.1-2407 58.1-2408 58.1-2409 58.1-2410 58.1-2411 58.1-2412 58.1-2413 58.1-2414 58.1-2415 58.1-2416 58.1-2417 58.1-2418 58.1-2419 NextLast modified: April 16, 2009