Senate Bill offers up a proposed permanent sales and use tax rate and provisions to conform to the SST Agreement.
Both the House and Senate version of the Bill would establish a permanent sales and use tax rate of 5.5%, effective July 1, 2005.
The Senate version includes enacting provisions to conform to the Streamlined Sales and Use Tax Agreement (“SST”).
Highlights of the SST Agreement amendments include:
The Senate version of the Bill would keep the 0.9% timely filing and payment discount available to vendors, rather than reducing the discount to 0.75% which is scheduled to occur on July 1, 2005. It also contains amnesty provisions that would establish an amnesty program from November 1, 2005 to December 15, 2005 for state taxes, property taxes, county and transit sales taxes, and school district income taxes.
If passed, the above amendments would take effect January 1, 2006.
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