Section 1 strikes language requiring accelerated remittance for vendors with annual sales tax collections of at least $120,000 for all payments, except the June payment. Because the cash flow and budget reserve accounts have reached the minimum statutory amounts, accelerated remittance is no longer required and the language is obsolete.
Section 2 repeals the subdivision relating to the safe harbor and penalty provisions that apply to the early remittance requirements eliminated in section 1.
This bill is effective for taxes due and payable after July 1, 2013.
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