estimated sales tax payment;
repeal
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Committee on Ways and Means |
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Committee on Appropriations |
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Caucus and COW |
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Third Read |
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As Passed the House |
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HB 2233 repeals the estimated June tax payment after June 30, 2003.
In 1989, estimated payments were established for businesses with an annual transaction privilege, telecommunication excise and county excise tax liability of $100,000 or more. For each month, this required the taxpayer to remit tax collections from the first 15 days of the month at the same time the tax return is due for the prior months collections. This measure was enacted as a means of accelerating state revenue collections into FY 1989-1990. In July of 1993, required estimated tax payments were eliminated for the time period of July through May of each year, however, the June estimated payment remains.
H.B. 2233 eliminates the required June estimated tax payments. The Department of Revenue (DOR) indicates that this legislation will cause a shift in the general fund revenue of approximately $130 million from FY 2003-2004 to FY 2004-2005.
· Eliminates the June estimated tax payment requirement beginning FY 2003-2004.
· Contains an effective date of June 30, 2003.
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45th Legislature
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Second Regular Session 2 January
25, 2002
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