SB22-006
Sales Tax Assistance For Small Bus
Concerning an increase in the amount of sales tax revenue that a retailer may retain to cover the retailer's expense in collecting and remitting the tax, and, in connection therewith, making an appropriation.
Session:
2022 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
The bill permits a retailer with total taxable sales in the amount of $100,000 or less to retain 5.3% of the sales tax reported as compensation for the retailer's expenses incurred in collecting and remitting the tax (vendor fee) for sales made in 2023, rather than retaining a 4% vendor fee, which is what current law allows. The bill also clarifies that the calculation of the amount that is credited to the housing development grant fund is only based on the changes to the vendor fee from House Bill 19-1245, and not on any subsequent modifications, including those changes made in this bill.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)