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2012 Session

Budget Amendments - HB1301 (Committee Approved)

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Tax Fairness Revenue for AST Relief (language only)

Item 3-5.07 #1h

Item 3-5.07 #1h

Adjustments and Modifications to Tax Collections
Accelerated Sales Tax

Language
Page 399, after line 27, insert:
"H. If enacted by the 2012 Session of the General Assembly, the  additional net general fund revenue from Senate Bill 597, estimated to be $8.8 million from the general fund in the second year, shall be used to further reduce the acceleration of sales tax collections in June of 2014. This reduction shall be implemented  by crediting this additional $8.8 million, on  a prorated basis, to the accelerated sales tax payment otherwise due from for each taxpayer in June of 2014, as estimate from the accelerated sales tax payments made by each taxpayer in June of 2013."


Explanation
(This amendment dedicates the estimated additional general fund revenues anticipated to be generated pursuant to Senate Bill 597 of the 2012 Session of the General Assembly to reduce the accelerated sales tax payment due from affected retailers in June 2014.)