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SB746

Sales and Use Tax; accelerated payments.

Status:
In Senate

Chief Patron:
Glen Sturtevant (R)

Session:
2018 Regular Session

Summary

As Introduced. Accelerated sales and use tax payments.

Prohibits any requirement that a dealer remit accelerated sales and use tax payments, except as provided in a general appropriation act under the following circumstances: (i) if payments are required for dealers with sales of $15 million or less, such threshold may only be reduced by 10 percent the next year; (ii) if the Department of Taxation fails to notify dealers that accelerated payments are due at least nine months in advance, no penalty or interest may be assessed for late payments; and (iii) no penalty or interest may be assessed on a dealer subject to an accelerated payment due to a lowered threshold in the calendar year. If such accelerated payment is required in an appropriation act, a dealer may only be required to pay 90 percent of the dealer's sales and use tax liability for the previous June. The Department shall provide an online application for a dealer to apply for a hardship waiver. The bill prohibits requiring accelerated payments after June 30, 2020. (Less)

  • Bill History

  • 01/10/2018 - Senate: Prefiled and ordered printed; offered 01/10/18 18103544D
  • 01/10/2018 - Senate: Referred to Committee on Finance
  • 01/20/2018 - Senate: Impact statement from TAX (SB746)
  • 01/23/2018 - Senate: Continued to 2019 in Finance (15-Y 0-N)

Full text and vote history:

Virginia Legislative Information System

RichmondSunlight.com

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