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2009 SESSION

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SB 987 Retail Sales and Use Tax; requirements for dealer or direct permit holder discount.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Retail sales and use tax discount; accelerated sales tax payment as a condition. Requires dealers with taxable sales and purchases of at least $50 million for the 12-month period ending on the previous June 30 to make an additional, accelerated payment of sales and use tax in June of the current year. The additional payment would be for the estimated sales and use tax due for June taxable transactions. The additional payment would be required to be made by June 30.

The additional June payment would be taken as a credit on the return for June due by July 20. Any dealer who fails to make the additional payment in an amount that is at least equal to 80 percent of the actual sales and use tax liability for the month of June would (i) be subject to a penalty equal to six percent of the amount of the tax underpayment, and (ii) not be eligible to receive the retail sales and use tax discount for July taxable transactions.

This bill would become effective January 1, 2010.


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