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2010 Session

Budget Amendments - SB29 (Floor Approved)

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Accelerated Sales Tax Phase Out (language only)

Item 3-5.14 #1s

Item 3-5.14 #1s

Adjustments and Modifications to Tax Collections
Accelerated Sales Tax

Language
Page 323, after line 28, insert:
"F.  It is the intent of the General Assembly that the payment requirement contained herein be phased out beginning in fiscal year 2015.  The payment amount for June 2015 should be reduced to 85 percent of the sales and purchases for the previous June and the payment amount should continue to be reduced until fully eliminated not later than June 2021."


Explanation
(This amendment expresses the intent to phase out the policy in the introduced budget, which requires retailers to remit their June sales and use tax collections by June 25 of each year.)