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S.F. No. 2055 - Vendor allowance
 
Author: Senator Roger C. Chamberlain
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 18, 2019



 

Section 1. Tax must be remitted. Modifies the remittance requirement to provide for the vendor allowance authorized under section 2.

Section 2. Vendor allowance. Authorizes retailers to retain a portion of sales taxes collected for purposes of complying with the remittance requirements in the sales tax chapter. Only retailers that timely collect and remit sales taxes may claim the vendor allowance. Retailers’ use taxes must not be used in calculating the vendor allowance. The allowance equals .25 percent of the tax collected in a reporting period, up to $250, but must not reduce tax owed to less than zero. Reporting periods are annually, quarterly, or monthly, depending on average monthly tax liabilities reported in the previous year.

Effective for sales tax remitted after June 30, 2019.

 
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