Two tax bills heard in Senate Ways and Means Committee
SB 141, sponsored by Chairman Koenig, would increase the filing frequency thresholds for sales taxes as follows:
The filing thresholds have not been adjusted for decades. The bill would require monthly returns if the amount of sales tax collected was at least $500 per month during the previous calendar year, quarterly returns if the amount collected is more than $200 per quarter but less than $500 per month, and the remainder would be due annually.
The second bill, SB 85, sponsored by Sen. Wayne Wallingford, would make all sales tax returns due the last day of the month following the reporting period. Currently, monthly returns due on the first or second month of a quarter are due on the 20th of the following month.
“These bills help simplify the sales tax filing process and we support them,” said Ray McCarty, president and CEO of AIM.