92nd General Assembly
Summary of HB4910
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House Sponsors:

Short description: 
USE & OCC TAX-SUSPEND 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 and through December  31,  2007,  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 during that period for taxes collected  above  $1,000,000      
   in  the  aggregate  in  a  calendar  year  under the 4 Acts. Effective      
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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