Wyoming Bonding Laws Now Require License Bonds for Alternative Fuel Professionals

Wyoming Bonding Laws Now Require License Bonds for Alternative Fuel Professionals

Alternative Heat / Flickr / CC BY

Date Enacted: February 25, 2015

Date Effective: July 1, 2015

WY HB 9 changes requirements for alternative fuel terminal operators, importers and exporters, refiners, suppliers and distributors. The new law mandates an annual license, as well as license bonds, for certain entities to conduct business under the category of alternative fuel. As a result of this revision, many alternative fuel professionals will have to learn about getting licensed and bonded.

License Bonds or Certificate of Deposit Now Necessary for Some

WY HB 9 changes requirements for alternative fuel terminal operators, importers and exporters, refiners, suppliers and distributors.

shinya / Flickr / CC BY-ND

Wyoming’s new law requires that licensees with a tax liability file a bond of $50,000 with the department or a bond equivalent to six months of tax liability, whichever sum is greater. The department will defer the bond if the licensee’s filing record from the year before is in good standing, on time and accurate.

License bonds will also be required in the case of a licensee (any supplier, dealer or distributor) who doesn’t file a required report or is late in making a payment twice in 12 months. Then, a license bond or permit bond will be enforced until the entity in question has had a good filing record for 12 months.

Once a 12-month-long record of good filing is established, the bond requirement will be waived again.

The department will also demand commercial bonds or license bonds for businesses that have their license revoked or commit a violation. This bond requirement is seen as a guarantee of payment of taxes, penalties and interest, if any of these are late or unpaid.

The change also protects against fraud and ensures the return of a license if any violations are committed. Under some circumstances, a certificate of deposit will be accepted in place of a surety bond.

Other Notable Points

Drivers Of Alternatively Fueled Vehicles Will Be Taxed

All owners of alternatively fueled cars will pay a tax on the fuel equal to 24 cents a gallon, which is the same rate as the gas tax. The owners of electric cars will be required to buy a decal at the rate of $50 per year to satisfy the new law.

Importers And Exporters Subject To Law

All importers and exporters of alternative fuel are also subject to the license bonding requirements, and all other requirements outlined in WY HB 9.

Check out the full Wyoming taxation and license bonding bill for alternative fuel professionals for more details.

What are your thoughts about this new bill? Share them with us below.