To shore up the state’s cash flow, legislation was passed last year whereby vendors with annual sales tax liabilities of $120,000 or more are required to submit their remittances earlier in the month.
Rep. Larry Howes (R-Walker) sponsors
HF393 that would eliminate all early sales tax payments except those due for June sales because the fiscal year ends July 1. The House Taxes Committee laid the bill over Feb. 15 for possible omnibus bill inclusion. There is no Senate companion.
Under the 2010 law, beginning with taxes payable after Sept. 1, 2010, vendors are required to remit sales tax payments earlier in the month after the month in which the sales tax was collected. The new law would return the due date to the 20th of the month following the month the sales were made. The Revenue Department estimates that approximately 4,500 businesses are affected by the current law.
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