Public Official Bonds in Texas
HB 354: Public Officials
New income tax on income in excess of $150,000 will be imposed through this bill. The Department of Revenue has the authority to designate agents or outside counsel that is outside the state for the purpose of collecting this tax from non-residents. Bonds or other securities may be required to ensure the faithful performance of their collection duties. Taxpayers may be required to post a bond or other security if an extension is granted to pay the tax.
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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.
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