Form Pdo-102 - Petroleum Surety Bond Page 2
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1
2Form PDO-102 Instructions
Who Must File
To Request an Exemption
Information and Assistance
Licensed distributors are required to furnish
To request an exemption from depositing
Website:
a corporate surety bond unless they are
securities or furnishing a bond, the dis-
Email:
petroleum.tax@state.mn.us
granted an exemption from depositing
tributor must make a written request to the
Phone:
651-296-0889
securities or furnishing a bond. The bond
department and attach an itemized financial
will cover all places of business within
statement showing its assets and liabilities.
This information is available in alternate
Minnesota where the distributor receives
formats.
If the department determines that the appli-
petroleum products.
cant is financially responsible, the distribu-
The amount of the surety bond — which
tor is exempt from depositing securities or
is determined by the department — must
filing a surety bond.
be adequate to cover all excise taxes, fees,
In making its determination, the department
penalties and accrued interest arising in the
will consider all relevant factors, including
ordinary course of the business, and any
whether:
other delinquent funds that may be owed to
Minnesota. For the first year, the minimum
• the applicant’s current assets are at least
bond is $3,000.
equal to its current liabilities and that
the applicant’s net worth is at least three
An additional bond may be required if the
times its average quarterly motor fuel tax
department determines that the original
liability, as reflected in the applicant’s
bond given by the distributor is inadequate
financial statements;
to fully protect the state.
• the applicant has failed to file or has been
Once filed, the surety bond remains in
delinquent in filing any motor fuel tax
effect for up to one year. If the distributor
returns;
timely files and pays motor fuel taxes or
• the applicant has ever failed to pay its
fees during the one-year period, the bond
motor fuel tax liability, paid it late or paid
may no longer be required. However, if the
with a check that was later returned by
distributor fails to file and/or pay motor fuel
the bank unpaid; and
taxes or fees, the department may apply the
• any other evidence of the financial re-
bond to any unpaid taxes, fees, penalties
sponsibility of the applicant.
and interest owed to the department by the
distributor.
(Minnesota Rule 8125.0410)
A certified check may be used in place of a
surety bond, with the department’s permis-
sion.
(M.S. 296A.03, subd. 5)
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