Source: https://www.richmondsunlight.com/bill/2019/sb1267/
Timestamp: 2019-03-19 00:41:21
Document Index: 50464387

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

Richmond Sunlight » 2019 » Remote sales and use tax collection; sufficient activity by dealers and marketplace facilitators. (SB1267)
Remote sales and use tax collection; sufficient activity by dealers and marketplace facilitators. (SB1267)
Remote sales and use tax collection; sufficient activity by dealers and marketplace facilitators as to require registration for sales and use tax collection; transportation funding. Directs the Department of Taxation (the Department) to require a remote seller to collect sales and use tax if the seller has more than $100,000 in annual gross revenue from sales in Virginia or at least 200 sales transactions in Virginia and requires a marketplace facilitator, which enables marketplace sellers to sell in Virginia through its marketplace, to collect sales and use tax if its annual gross revenue from facilitated sales in Virginia exceeds $100,000 or it facilitates at least 200 sales transactions in Virginia. The bill provides that the obligation of remote sellers and marketplace facilitators to collect sales and use tax shall not apply to transactions occurring before July 1, 2019. The bill provides that in administering remote sales and use tax collection, the Department shall provide information to remote sellers to allow them to identify state and local tax rates and exemptions. For auditing purposes, the Department is directed to allow a remote seller to complete a single audit covering all localities. The bill requires the Department to give remote sellers at least 30 days' notice of any change in tax rate. The bill provides that if a remote seller or marketplace facilitator collects an incorrect amount of tax, it shall be relieved of liability for failure to collect the correct amount if the error is the result of its reliance on information provided by Virginia. The bill also relieves a marketplace facilitator of liability if it collects an incorrect amount of tax based on certain incorrect information provided by a seller or purchaser. The bill allocates revenue from the state portion of remote sales and use tax collection to the Transportation Trust Fund but requires the revenue to be spent only to fund improvements to existing roads. The bill distributes the local portion to localities based on point of sale. The bill repeals several contingent provisions of previous related bills that would take effect if the United States Congress enacted legislation related to remote sales and use tax collection. The bill contains technical corrections. The bill was incorporated into SB 1083. Amends § 58.1-601, § 58.1-602, § 58.1-604, § 58.1-605, § 58.1-612, § 58.1-615, § 58.1-625, § 58.1-635, of the Code of Virginia. Read the Bill »