|SB 0716||Establishes penalty for failure to report video sales tax revenue|
|LR Number:||3128S.01I||Fiscal Note:||3128-01|
|Committee:||Ways and Means|
|Last Action:||02/01/00 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||August 28, 2000|
SB 716 - This act establishes a penalty for failing to report sales tax revenues from video rentals, which are currently transferred to the Video Instructional Development and Educational Opportunity (VIDEO) Program fund.
Section 170.250, RSMo, requires sellers to separately report the amount of sales tax generated from video and audio rentals. The act prohibits the two percent tax retention authorized pursuant to Section 144.140, RSMo, for timely submission of tax revenues, if an audit determines the video tax was not reported as required.
This act is similar to SB 783.