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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Batten
Increase Dealer Discount to No Less Than 2% (language only)

Item 3-5.06 #1h

Item 3-5.06 #1h

Adjustments and Modifications to Tax Collections
Discounts and Allowances

Language

Page 574, line 41, strike "1.6%" and insert "2.0%".



Explanation

(This amendment increases the minimum reimbursement to retailers for the collection and disbursement of sales taxes up to 2 percent. The current minimum rate is 0.8 percent and the introduced budget proposes to increase it to 1.6 percent at the beginning of calendar year 2025. The estimated decrease in revenue from increasing the bottom tier from 1.6 percent to 2.0 percent is an additional decrease of $250,000 in fiscal year 2025 and $610,000 from the general fund in fiscal year 2026.)