As of January 1st 2025, Cannabinoid product retailers must be licensed by the Tax Commission.
This includes a new surety bond requirement called a tax bond or the cannabinoid product retailer tax bond.
As a retailer, you're required to collect a 10% sales tax on the retail price. And as a licensed seller, you're required to:
This is why this new tax surety bond is required.
It's your responsibility to collect, report, and pay the correct tax amounts to the Utah State Tax Commission.
To hold all licensed cannabinoid product retailers accountable for collecting, reporting, and paying the correct tax amounts, the Commission requires this bond.
In the event a retailer purposefully reports and pays less sales tax than is required, the Commission can make a claim against this surety bond for financial compensation.
The level of compensation is determined by the bond amount.
You can get instant pricing for your cannabinoid retail tax bond. Click the button below. You need to know the amount of your bond.
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
The minimum bond amount is $500.
This would be the case if you're a new business with no record of retail sales or your retail sales are so low that the Commission does not require a greater amount.
If you have a history of retail sales, the Commission will tell you the bond amount based on your tax liability for a 3 month reporting period.
Even at the lower amounts required, this bond is credit driven.
This means your price will be determined, primary using these factors:
From these factors a surety will quote a rate.
At Surety Bonds Direct, it's our job to find you the lowest rate and price by working with our network of A-rated sureties.
We'll price shop for you and deliver the best price we can.
You're under no obligation to purchase, but you'll have the information you need to get this bond requirement met.
Click here to fill out our online quote form.
Or call a bond specialist at 1-800-608-9950
Once you have your bond amount, click here and request your pricing with our free quote form.
Just tell us the bond amount and our bond specialists will being the process of finding the lowest price.
This process only takes 1 business day at most.
You can get instant pricing for your cannabinoid retail tax bond. Click the button below. You need to know the amount of your bond.
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
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