Soda Tax Bond in New Mexico

Category: Uncategorized
Published: Sep 19, 2011
SB 288: Tax Bond – Soda

An excise tax would be imposed on “sweetened beverages” that is defined in the bill and any syrup used to produce them. Distributors of these beverages would have to file tax returns by the 25th of each month after the month in which the beverages were sold. A bond must be posted by any persons subject to the tax. This would be conditioned on the filing of the reports and the payment of the tax and any applicable penalties and interest. The amount of the bond is determined by being equal to at least twice the amount of the taxpayer’s estimated monthly tax liability. The bond can be no less than $1,000, cash and other security would be accepted in lieu of the tax bond.

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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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