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S.F. No. 8 - June Accelerated Vendor Remittance Repeal
 
Author: Senator Rod Skoe
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 9, 2015



 

This bill repeals the accelerated remittance requirements for vendors liable for payment of sales and use taxes, and distributors liable for payment of cigarette and tobacco products excise taxes and alcoholic beverage taxes.  Under current law, taxpayers with $250,000 or more in tax liabilities in a fiscal year are required to pay 81.4 percent of the estimated June liability two business days prior to June 30, and pay by August 20 any amount due that was not paid in June.  This bill is effective July 1, 2015.  

Section

Provision

1

Strikes the vendor return filing requirement for vendors with sales tax liabilities of $250,000 or more in a fiscal year.  The return requirement is no longer applicable with the repeal of the accelerated remittance requirement.     
 

2

Strikes the accelerated remittance requirements for vendors with general sales and use tax liability. 
 

3

Repeals the civil penalty for underpayment of June accelerated tax liabilities, which is no longer applicable with the repeal of the accelerated remittance requirement.  Repeals the filing and accelerated payment requirement for purposes of cigarette and tobacco products and alcoholic beverages tax liabilities.    

 
 
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