HCS/SB 226 - This act modifies provisions relating to sales taxes.
SALES TAX FILING PERIODS
Current law provides statutory sales tax collection thresholds to determine the frequency at which sellers shall file and remit sales taxes collected, with such periods being quarter-monthly, monthly, quarterly, and annually. Current law also allows the Department of Revenue to increase, but not decrease, such thresholds through rule. This act modifies the statutory thresholds for the monthly, quarterly, and annual filing periods.
For monthly filing, the threshold is changed from at least $250 in the first or second month of a calendar quarter to at least $500 per calendar month for the prior year.
For quarterly filing, the threshold is changed from at least $45 in a calendar quarter, but not subject to monthly filing to less than $500 per calendar month, but at least $200 in a calendar quarter.
For annual filing, the threshold is changed from less than $45 per calendar quarter to less than $200 per calendar quarter.
This provision is identical to SB 741 (2020) and SB 141 (2019).
SALES TAX RETENTION
Beginning August 28, 2021, and ending June 30, 2023, this act authorizes sellers to deduct and retain one hundred percent of the state portion of sales tax levied on purchases of admission tickets to movies, films, and musical performances, as well as on sales of concessions sold onsite at such seller's place of business.
This provision is similar to SB 529 (2021).