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The Florida DR-157 form is a crucial document for businesses involved in the fuel industry, particularly those seeking to comply with state tax regulations. It serves as a Fuel Tax Surety Bond, which is a financial guarantee required by the Florida Department of Revenue. Before a business can obtain a fuel license, it must submit this bond for each specific type of fuel product or taxable pollutant it handles. The form outlines the obligations of the principal, who must adhere to Florida's statutory tax provisions regarding motor fuel, diesel fuel, aviation fuel, alternative fuels, or pollutants tax. Importantly, the bond ensures that if the principal fails to comply with these regulations, the surety is held liable for any resulting tax obligations. Additionally, the surety must provide written notice to the Department of Revenue if they wish to cancel the bond, which will take effect after a 60-day notification period. Understanding the requirements and implications of the DR-157 form is essential for businesses to operate legally and avoid potential penalties.
Form Example
Document Breakdown
| Fact Name | Details |
|---|---|
| Form Title | Fuel Tax Surety Bond DR-157 |
| Governing Law | Chapter 206, Florida Statutes (F.S.) |
| Submission Requirement | An original bond form must be submitted for each fuel product type or taxable pollutant. |
| License Issuance | The Department of Revenue will not issue a fuel license until the proper security is submitted. |
| Bond Types | Includes importer’s bond, wholesaler’s bond, and others as specified under Chapter 206, F.S. |
| Cancellation Notice | The surety must submit a written notification to cancel the bond, effective 60 days after receipt by the Department. |
| Liability | The surety remains liable for acts committed by the principal until the bond is cancelled. |
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