Sales Tax Remittance (language only)

Item 4-13.00 #1h

Language
Page 691, after line 41, insert:
"[]2. That §§ 58.1-615 and 58.1-622, of the Code of Virginia are amended and reenacted as follows:
§ 58.1-615. Returns by dealers.
A. 1. Every The provisions of this subdivision shall apply to each dealer required to collect or pay the sales or use tax who has gross annual sales of less than $20,000,000 for the 12-month period beginning June 1, and ending May 30 of the immediately preceding calendar year.  Each such dealer shall, on or before the twentieth day of the month,  following the month in which the tax shall become effective,
transmit to the Tax Commissioner a return showing the gross sales, gross proceeds, or cost price, as the case may be, arising from all transactions taxable under this chapter during the preceding calendar month,
and thereafter a like return shall be prepared and transmitted to the Tax Commissioner by every dealer on or before the twentieth day of each month, for the preceding calendar month.
2. The provisions of this subdivision shall apply to each dealer required to collect or pay the sales or use tax who has gross annual sales equal to or greater than $20,000,000 for the 12-month period beginning June 1, and ending May 30 of the immediately preceding calendar year.  Beginning June 2010, each such dealer shall transmit to the Tax Commissioner a return showing the gross sales, gross proceeds, or cost price, as the case may be, arising from all transactions taxable under this chapter (i) for the first fifteen days of the month, on or before the twenty-fifth day of the same month, and (ii) for the remaining days in the month, on or before the twentieth day of the following month.
3. In the case of dealers regularly keeping books and accounts on the basis of an annual period which varies 52 to 53 weeks, the Tax Commissioner may make rules and regulations for reporting consistent with such accounting period. Notwithstanding any other provision of this chapter, a dealer may be required by the Tax Commissioner to file sales or use tax returns on an accounting period less frequent frequently than monthly than the filing dates pursuant to subdivision 1 or 2, when, in the opinion of the Tax Commissioner, the administration of the taxes imposed by this chapter would be enhanced. If a dealer is required to file other than monthly, each such return shall be due on or before the twentieth day of the month following the close of the period. Each such return shall contain all information required for monthly returns.
B. A sales or use tax return shall be filed by each registered dealer even though the dealer is not liable to remit to the Tax Commissioner any tax for the period covered by the return.
B.C.  1. In addition to the amounts required under the provisions of this section and § 58.1-616, any dealer as defined by § 58.1-612 or direct payment permit holder pursuant to § 58.1-624, with taxable sales and purchases of $1,300,000 or greater for the 12-month period beginning July 1, and ending June 30 of the immediately preceding calendar year, shall be required to make a payment equal to 90 percent of the sales and use tax liability for the previous June. Beginning July 1, 2005, for the payment required in 2006, the payment required under this subdivision shall only apply to such dealers or direct payment permit holders with taxable sales and purchases of $50,000,000 or greater for such period of time and the payment required shall equal 20 percent of the sales and use tax liability for the previous June. Such tax payments shall be made on or before the 30th day of June, if payment is made by electronic funds transfer, as defined in § 58.1-202.1. If payment is made by other than electronic funds transfer, such payment shall be made on or before the 25th day of June. For purposes of this provision, taxable sales or purchases shall be computed without regard to the number of certificates of registration held by the dealer. Every dealer or direct payment permit holder shall be entitled to a credit for the payment under this subsection on the return for June of the current year due July 20. The provisions of this subsection shall not apply to persons who are required to file only a Form ST-7, Consumer User Tax Return.
2. In lieu of the penalties provided in § 58.1-635, except with respect to fraudulent returns, failure to make a timely payment or full payment of the sales and use tax liability as provided in this subsection shall subject the dealer or direct payment permit holder to a penalty of six percent of the amount of tax underpayment that should have been properly paid to the Tax Commissioner. Interest will accrue as provided in § 58.1-15. The payment required by this subsection shall become delinquent on the first day following the due date set forth in this subsection if not paid.  The provisions of this subsection shall expire on August 1, 2006.
C. D.Any return required to be filed with the Tax Commissioner under this section shall be deemed to have been filed with the Tax Commissioner on the date that such return is delivered by the dealer to the commissioner of the revenue or the treasurer for the locality in which the dealer is located and receipt is acknowledged by the commissioner of the revenue or treasurer. The commissioner of the revenue or the treasurer shall stamp such date on the return, and shall mail the return to the Tax Commissioner no later than the following business day. The commissioner of the revenue or the treasurer may collect from the dealer the cost of postage for such mailing.
§ 58.1-622. Discount.
A. For Subject to the provisions of subsection B, for the purpose of compensating a dealer holding a certificate of registration under § 58.1-613 for accounting for and remitting the tax levied by this chapter, such dealer shall be allowed the following percentages of the first three percent of the tax levied by §§ 58.1-603 and 58.1-604 and accounted for in the form of a deduction in submitting his return and paying the amount due by him if the amount due was not delinquent at the time of payment.
Monthly Taxable Sales Percentage
$0 to $62,500 4%
$62,501 to $208,000 3%
$208,001 and above 2%
B.  The amount of compensation provided in subsection A shall not exceed $800 in any month.  The discount allowed by this section shall be computed according to the schedule provided, regardless of the number of certificates of registration held by a dealer.
[]3. That the provisions of the second enactment amending subdivision A § 58.1-622 of the Code of Virginia
[]are effective beginning with the sales and use tax returns due in July 2009 for collections in the previous month."
Page 691, line 43, strike "2." and insert "4.".
Page 691, line 47, strike "3." and insert "5.".
Page 692, line 2, strike "4." and insert "6.".
after "6.".
Page 692, line 3, after "second" strike "and" and insert ", ".
Page 692, line 3, after "third" insert ", fourth and fifth.".