Form 24b - Nebraska Tax Bond For Nonresident Contractor'S And Subcontractor'S Construction Contracts Page 2
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1
2INSTRUCTIONS
Computation of bond amount:
WHO MUST FILE. Each nonresident contractor/
10% of $100,000 $10,000
subcontractor must register each contract and provide
5% of $54,300
2,715
a project bond or other acceptable security for each
$12,715
(Round up to nearest 1,000)
contract in an amount as determined below before
Amount of contract bond
$13,000
commencing work within this state.
If the department determines at any time that the
WHEN AND WHERE TO FILE. This bond or other
required bond will not cover the tax liabilities involved,
acceptable security must be attached to the Nebraska
it may require the bond to be increased.
Contract Permit Application for Nonresident Con-
A multiple project bond may be issued for all contracts
tractor, Form 24A, for every permit application. The
to be performed if the requirement that a bond be
bond and application must be mailed together to the
supplied for each project has been waived by written
Nebraska Department of Revenue, P.O. Box 98903,
approval of the Nebraska Department of Revenue.
Lincoln, Nebraska 68509-8903. If the bond or ap-
A written request for approval to submit a multiple
plication is received separately, it will be returned
project bond must be submitted to the department.
to the applicant.
A multiple project bond is computed by totaling all
DETERMINATION OF BOND AMOUNT. The
construction projects to be simultaneously performed
required bond amount is ten percent of the contract
in this state during a specific period of time. For
price up to the first $100,000, plus five percent of the
additional information, please refer to the Nebraska
contract price in excess of $100,000, rounded to the
Nonresident Contractor Information Guide.
nearest multiple of $1,000. A bond is not required for
Certificates of deposit, share accounts and investment
contracts less than $2,500.
certificates from a Nebraska banking institution are
acceptable forms of security in lieu of a bond. Prior
Computation Example:
approval from the Nebraska Department of Revenue
Total contract price
$200,000
is required before any other type of security will be
Amount awarded to resident subcontractor $20,000
accepted for the purpose of meeting this requirement.
Amount awarded to properly registered
Security other than a security bond may be retained for
and bonded nonresident subcontractor
15,000
up to three years after the project is complete.
Total of contracts less than $2,500
(5 contracts)
10,700
SIGNATURES. This bond must be signed by the
principal, attorney-in-fact or authorized surety officer,
45,700
and the agent for the surety.
Amount subject to bonding
$154,300
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