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Tax Security

You may have to file tax security with DMV before you can be issued a fuels tax license.

What is tax security?

Tax Security is proof that monies are available for payment to DMV if a licensee defaults on a tax payment(s).

Types of Tax Security

In Virginia, there are two options for filing tax security:

  • bond, or
  • certificate of deposit.

Filing Tax Security

  • Bonds: Your bonding company must file with DMV the Fuels Tax Bond form (FT462). Only this bond form will be accepted.
  • Certificate of Deposit: File with DMV a certificate of deposit made out to DMV and submit an Assignment of Securities in Lieu of Surety Bond form (FT459).

Filing Requirements

Persons who must pay fuels tax to DMV or to a supplier/alternative fuel provider must file tax security with DMV. If you choose to defer your tax payments to your alternative fuel provider, you must file tax security with DMV. The following licensees must file.

  • Supplier
  • Terminal Operator
  • Bonded Importer
  • Fuel Alcohol Provider
  • Occasional Importer
  • Distributor
  • Blender
  • Aviation Consumer
  • Provider or Retailer of Alternative Fuel who fuels highway and non-highway vehicles from the same storage tank or elects to defer payment to the provider.
  • Bulk User of Alternative Fuel
  • Any combination of the above activities.

Minimum Amount

The amount of the tax security depends on the type of license you want to obtain. The following chart lists the amount for each license type.

AMOUNT LICENSE TYPE
$2 Million Bonded Importer
Refiner
Supplier
Terminal Operator
The average tax liability that you will incur in three months;
not less than $2,000 and not more than $300,000.
Aviation Consumer
Blender
Bulk User of Alternative Fuel
Distributor
Fuel Alcohol Provider
Occasional Importer
Provider of Alternative Fuel
Retailer of Alternative Fuel