HB16-1087
Increase Vendor Fee For Collecting State Sales Tax
Concerning an increase in the amount of sales tax revenue that may be retained by a retailer to cover the retailer's expense in collecting and remitting the tax.
Session:
2016 Regular Session
Subject:
Bill Summary
Fiscal Policy & Taxes
A retailer that collects sales tax is currently allowed to retain 3 1/3% of the tax reported to cover the expense of collecting and remitting the tax. This amount is know as the 'vendor's fee'. The bill increases this amount gradually over a period of 5 years until it equals 5 1/2% of the tax reported.
(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)
(Note: This summary applies to this bill as introduced and does not reflect any amendments that were subsequently adopted.)