Dealer Discount Language (language only)
Item 3-5.15 #2s
Item 3-5.15 #2s | | | |
| Adjustments and Modifications to Tax Collections |
| Discounts and Allowances |
Language
Page 323, line 32, strike "repealed" and insert "suspended".
Page 323, after line 35, insert:
"C. The Tax Commissioner shall examine the costs incurred by retail dealers and other entities relating to the collection and remittance of the sales and use tax, and other taxes collected pursuant to §§ 58.1-622, 58.1-642, 58.1-656, 58.1-1021.03, 58.1-1720, 58.1-1730, 58.1-2233, 58.1-2236, and 58.1-2256 of the Code of Virginia. The Commissioner shall make recommendations regarding what allowances and discounts, if any, should be provided to the retail dealers and other entities for their collection and remittance of the taxes to the Commonwealth. In the course of this study, the Commissioner shall convene a working group of affected businesses and shall also afford affected businesses the opportunity to comment on any recommendations. The Department of Taxation shall make its report to the Governor and to the Chairmen of the House Appropriations and Senate Finance Committees on or before October 1, 2011.”
Explanation
(This amendment expresses the intent that the elimination of the dealer discount, as contained in the introduced budget, is temporary in nature. The amendment directs the Tax Commissioner to examine what compensation for retailers and other entities who collect and remit the sales and use tax should be and make recommendations to the Governor and the General Assembly.)