Source: https://budget.lis.virginia.gov/amendment/2019/1/HB1700/Introduced/MR/3-5.06/1h/
Timestamp: 2019-10-22 12:07:15
Document Index: 389529460

Matched Legal Cases: ['§58', '§58', '§58', '§ 58', '§ 58', '§ 3', '§ 3']

3-5.06#1h (Accelerated Sales Tax) Accelerated Sales Tax Threshold. HB1700 - Member Request
By Member » Item 3-5.06 #1h
Accelerated Sales Tax Threshold (language only)
Item 3-5.06 #1h
Page 563, line 48, strike "$10,000,000" and insert "$20,000,000".
(This amendment proposes to increase from $4.0 million to $20.0 million the threshold for those retailers required to remit accelerated sales tax payments in June 2020. House Bill 1700 as introduced raised the threshold from $4.0 million to $10.0 million in the second year, at a cost of $27.2 million. The additional threshold increase would result in a one-time revenue loss of $24.0 million in fiscal year 2020 compared to the proposal in House Bill 1700.)
A. Notwithstanding any other provision of law, in addition to the amounts required under the provisions of §§58.1-615 and 58.1-616, any dealer as defined by §58.1-612 or direct payment permit holder pursuant to §58.1-624 with taxable sales and purchases of $1,000,000 or greater for the 12-month period beginning July 1, and ending June 30 of the immediately preceding calendar year, shall be required to make a payment equal to 90 percent of the sales and use tax liability for the previous June. Such tax payments shall be made on or before the 30th day of June, if payments are made by electronic fund transfer, as defined in § 58.1-202.1. If payment is made by other than electronic funds transfer, such payment shall be made on or before the 25th day of June. Every dealer or direct payment holder shall be entitled to a credit for the payment under this section on the return for June of the current year due July 20.
F. That the State Comptroller shall make no distribution of the taxes collected pursuant to this section in accordance with §§ 58.1-605, 58.1-606, 58.1-638, 58.1-638.1, 58.1-638.2 and 58.1-638.3 of the Code of Virginia until the Tax Commissioner makes a written certification to the Comptroller certifying the sales and use tax revenues generated pursuant to this section. The Tax Commissioner shall certify the sales and use tax revenues generated as soon as practicable after the sales and use tax revenues have been paid into the state treasury in any month for the preceding month.
G.1. Beginning with the tax payment that would be remitted on or before June 25, 2019, if the payment is made by other than electronic fund transfers, and by June 30, 2019, if payments are made by electronic fund transfer, the provisions of § 3-5.08 of Chapter 874, 2010 Acts of Assembly, shall apply only to those dealers or permit holders with taxable sales and purchases of $4,000,000 or greater for the 12-month period beginning July 1 and ending June 30 of the immediately preceding calendar year.
2. Beginning with the tax payment that would be remitted on or before June 25, 2020, if the payment is made by other than electronic fund transfers, and by June 30, 2020, if payments are made by electronic fund transfer, the provisions of § 3-5.08 of Chapter 874, 2010 Acts of Assembly, shall apply only to those dealers or permit holders with taxable sales and purchases of $4,000,000 $10,000,000 or greater for the 12-month period beginning July 1 and ending June 30 of the immediately preceding calendar year.