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HB 0846 - Interest on Taxes and Direct Sales Tax Pay Permits for Certain Industries
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Tracking Level: Support
Sponsor: John Corbett
Last Action: 2/28/2020 - Senate - Senate Read and Referred
House Committee: Ways and Means
Senate Committee: Finance
Assigned To:
Larry RamseyNext Bill
Property TaxNext Bill

Staff Analysis of the Legislation

This bill would lower the interest rate payable on tax refunds, as well as past-due taxes, to the prime rate (currently, prime rate plus 3%). The bill would further establish rules for direct pay permits for certain industries, allowing those companies to directly pay to the Dept. of Revenue sales taxes on their business purchases (rather than paying sales taxes to vendors who then remit those taxes). Finally, local governments would have the option of having any sales-tax refunds to such direct-pay permit holders deducted over the same period of time as the overpayments, thereby avoiding the budgetary impact of having such refunds deducted all at once (as is currently the case). No interest would run on such permit holders' overpayments until they actually submit a refund request (as opposed to running from the time of overpayment).

Bill Summary from the State Site - Click for the State Summary Page / Click for Current Full Text






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