Under current law, vendors with sales and use, cigarettes, other tobacco products, and liquor tax liability of $120,000 or more during a fiscal year ending June 30, must pay 90 percent of the estimated June liability two business days before June 30. Any additional tax not remitted in June is due by the following August 20th for the sales tax and August 18th for the other taxes. This bill increases the threshold for the June accelerated remittance requirement from $120,000 to $250,000, effective for the June 2014 remittances.
Section
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Provision
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1
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Increases the annual liability threshold from $120,000 to $250,000 for vendors required to remit sales and use taxes on an accelerated basis.
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2
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Increases the annual liability threshold from $120,000 to $250,000 for taxpayers required to remit cigarette sales and excise taxes and tobacco products excise taxes on an accelerated basis.
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3
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Increases the annual liability threshold from $120,000 to $250,000 for taxpayers required to remit alcoholic beverage excise taxes on an accelerated basis.
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