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Senate Study Bill 263

Bill Text

PAG LIN
  1  1    Section 1.  Section 422B.9, Code 1997, is amended by adding
  1  2 the following new unnumbered paragraph after unnumbered
  1  3 paragraph 4:
  1  4    NEW UNNUMBERED PARAGRAPH.  Frequency of deposits and
  1  5 quarterly reports of a local sales and services tax with the
  1  6 department of revenue and finance are governed by the tax
  1  7 provisions in section 422.52.  Local tax collections shall not
  1  8 be included in computation of the total tax to determine
  1  9 frequency of filing under section 422.52.
  1 10    Sec. 2.  Section 422B.10, subsection 2, Code 1997, is
  1 11 amended to read as follows:
  1 12    2.  a.  The director of revenue and finance within fifteen
  1 13 days of the beginning of each fiscal year shall send to each
  1 14 city or county where the local option tax is imposed, an
  1 15 estimate of the amount of tax moneys each city or county will
  1 16 receive for the year and for each quarter month of the year.
  1 17 At the end of each quarter month, the director may revise the
  1 18 estimates for the year and remaining quarters months.
  1 19    b.  The director of revenue and finance shall remit ninety
  1 20 ninety-five percent of the estimate tax receipts for the city
  1 21 or county to the city or county after the end of each quarter
  1 22 no later than the following dates:  November 10, February 10,
  1 23 May 10, and August 10 on or before August 31 of the fiscal
  1 24 year and on or before the last day of each following month.
  1 25    c.  The director of revenue and finance shall remit a final
  1 26 payment of the remainder of tax moneys due the city or county
  1 27 for the fiscal year before the due date for the payment of the
  1 28 first quarter November 10 of the next fiscal year.  If an
  1 29 overpayment has resulted during the previous fiscal year, the
  1 30 first payment of the new fiscal year shall be adjusted to
  1 31 reflect any overpayment.  
  1 32                           EXPLANATION
  1 33    The bill amends Code section 422B.9 to provide that local
  1 34 option sales and service taxes shall be remitted to the
  1 35 department of revenue and finance in the same frequency as
  2  1 required for retail sales taxes.  Retailers are accustomed to
  2  2 the manner and frequency required under the retail sales taxes
  2  3 provisions.  As a result, this amendment will provide
  2  4 uniformity in the reporting and depositing of state sales
  2  5 taxes and local sales and services taxes.  Local tax
  2  6 collection shall not be included in the computation of state
  2  7 retail sales tax to determine frequency of remitting.
  2  8 Instead, the computation of state sales tax should be used to
  2  9 determine the frequency with which local taxes should be
  2 10 remitted to the department.
  2 11    The bill also amends Code section 422B.10 to increase the
  2 12 amount of estimated local option sales and services tax
  2 13 receipts remitted by the department of revenue and finance to
  2 14 the counties and cities from 90 percent to 95 percent and also
  2 15 provides that such remission shall be on a monthly, rather
  2 16 than quarterly basis.  
  2 17 LSB 2754XC 77
  2 18 mg/cf/24
     

Text: SSB00262                          Text: SSB00264
Text: SSB00200 - SSB00299               Text: SSB Index
Bills and Amendments: General Index     Bill History: General Index

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