The North Carolina Tax Bond for Tobacco Products is required by the North Carolina Department of Revenue for those who will be selling tobacco products. A tobacco product is defined as a cigarette, a cigar or any other product that contains tobacco and is intended for inhalation or oral use. Tobacco may also include vapor products, which is any non-lighted, non-combustible product that employs a mechanical heating element, battery, or electronic circuit regardless of shape or size and that can be used to produce vapor from nicotine in a solution.
What is the purpose of a North Carolina Tax Bond for Tobacco Products?
A surety bond serves as an assurance to the state. The money will ensure that the state will not suffer a loss in case the applicant is not able to pay the taxes due to them. The bond states that the bondholder shall pay for tobacco products excise tax due under the conditions and limitations prescribed by Part 3 of the North Carolina Tobacco Products Tax Act. The amount of the bond is equal to two times the applicant’s average monthly tax liability. The amount will be determined by the Secretary but it must not be less than $2,000 nor more than $2,000,000. In order to find out the cost of the surety bond, all we need is the completed application.
How do I obtain a North Carolina Tax Bond for Tobacco Products?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available, but you need to pay an additional cost).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.