2018 Session

Budget Amendments - SB30 (Member Request)

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Chief Patron: Sturtevant
Accelerated Sales Tax Payments (language only)

Item 0 #2s

Item 0 #2s



Page 1, strike line 26 and insert:

"Official Revenue Estimates                  $20,096,440,623                    $20,892,235,991                    $40,988,676,614"


(This amendment accompanies Senate Bill 746 which proposes to prohibit any requirement that a dealer remit accelerated sales and use tax payments except as provided in a general appropriation act under the following circumstances: (i) if payments are required for dealers with sales of $15 million or less, such threshold may only be reduced by 10 percent the next year; (ii) if the Department of Taxation fails to notify dealers that accelerated payments are due at least nine months in advance, no penalty or interest may be assessed for late payments; and (iii) no penalty or interest may be assessed on a dealer subject to an accelerated payment due to a lowered threshold in the calendar year. If such accelerated payment is required in an appropriation act, a dealer may only be required to pay 90 percent of the dealer's sales and use tax liability for the previous June. As a placeholder, this bill assumes a reduction in general fund revenues of $50,000 each year. The actual revenue impact has not been determined.)