Mixed Beverage Gross Receipts Tax Bond is a surety bond required by the State Comptroller’s office for all businesses holding a new Mixed Beverage liquor license bond issued by the Alcoholic Beverage Commission.
This type of a bond is generally considered a high risk bond because of the high rate of default by new businesses holding a Mixed Beverage liquor license and the fact that there are fewer surety companies investing in this field. Consequently, the cost of the bond can vary greatly depending on the business owner’s credit rating and typically ranges 10% to 20% of the face value of the bond.
The term “continuous” means that the bond is automatically renewed at the end of the first year for one additional year at no additional charge for a total term of two years, after which if a good tax payment history has been established by the business then it may become exempt from having to post another bond
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