92nd General Assembly
Summary of HB4362
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House Sponsors:

Short description: 
USE & OCC TAX-LIMIT DISCOUNT                                               

Synopsis of Bill as introduced:
        Amends the Use Tax Act, the Service  Use  Tax  Act,  the  Service      
   Occupation  Tax  Act,  and the Retailers' Occupation Tax Act. Provides      
   that, beginning on January  1,  2003,  a  retailer  or  serviceman  is      
   allowed  to  take  the  1.75%  or $5 discount, as appropriate, for the      
   first $1,000,000 in taxes collected in the  aggregate  in  a  calendar      
   year  under  each  of  the  4 Acts to reimburse himself or herself for      
   expenses incurred in collecting the tax,  keeping  records,  preparing      
   and  filing  returns,  remitting  the  tax,  and supplying data to the      
   Department of Revenue on request. No discount may be taken  for  taxes      
   collected  above  $1,000,000 in the aggregate in a calendar year under      
   the 4 Acts (now, 1.75% discount allowed for all taxes collected).           
   Effective immediately.                                                      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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