Bill Text: TX SB38 | 2011 | 82nd Legislature 1st Special | Introduced
Bill Title: Relating to certain discounts and reimbursements allowed for payment of sales and use taxes and the allocation of certain revenue from those taxes.
Sponsorship: Partisan Bill (Democrat 5)
Status: (Introduced - Dead) 2011-06-13 - Co-author authorized [SB38 Detail]
Download: Texas-2011-SB38-Introduced.html
| 82S10137 CJC-D | ||
| By: Ellis, Davis, Lucio | S.B. No. 38 | |
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| relating to certain discounts and reimbursements allowed for | ||
| payment of sales and use taxes and the allocation of certain revenue | ||
| from those taxes. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 151.423, Tax Code, is amended to read as | ||
| follows: | ||
| Sec. 151.423. REIMBURSEMENT TO TAXPAYER FOR TAX | ||
| COLLECTIONS. Subject to Section 151.4231, a [ |
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| deduct and withhold three-fourths [ |
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| amount of taxes due from the taxpayer on a timely return as | ||
| reimbursement for the cost of collecting the taxes imposed by this | ||
| chapter. [ |
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| SECTION 2. Subchapter I, Chapter 151, Tax Code, is amended | ||
| by adding Section 151.4231 to read as follows: | ||
| Sec. 151.4231. LIMITATION ON AMOUNT OF REIMBURSEMENT. (a) | ||
| The amount deducted and withheld by a taxpayer under Section | ||
| 151.423 may not exceed: | ||
| (1) $312.50 each month if the taxpayer files monthly; | ||
| (2) $937.50 each quarter if the taxpayer files | ||
| quarterly under Section 151.401(b); and | ||
| (3) $3,750 each state fiscal year. | ||
| (b) The comptroller shall adopt rules for determining to | ||
| which state fiscal month, quarter, and year amounts deducted and | ||
| withheld by a taxpayer under Section 151.423 will be allocated for | ||
| purposes of this section. | ||
| SECTION 3. Section 151.424, Tax Code, is amended by | ||
| amending Subsection (a) and adding Subsections (a-1), (e), and (f) | ||
| to read as follows: | ||
| (a) In addition to the amount permitted to be deducted and | ||
| withheld under Section 151.423, a [ |
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| taxpayer's tax liability on the basis of a reasonable estimate of | ||
| the tax liability for a quarter in which a prepayment is made or for | ||
| a month in which a prepayment is made may deduct and withhold the | ||
| lesser of the following, as determined by the comptroller under | ||
| Subsection (e): | ||
| (1) 1.25 percent of the amount of the prepayment; or | ||
| (2) an annually adjusted percentage of the amount of | ||
| the prepayment that yields an annualized rate of return equal to the | ||
| prime rate as published in The Wall Street Journal on the first | ||
| business day of each calendar year, plus four percent [ |
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| (a-1) A reasonable estimate of the tax liability under | ||
| Subsection (a) must be at least 90 percent of the tax ultimately due | ||
| or the amount of tax paid in the same quarter, or month, if a monthly | ||
| prepayer, in the last preceding year. Failure to prepay a | ||
| reasonable estimate of the tax will result in the loss of the entire | ||
| prepayment discount. | ||
| (e) Not later than January 5 of each year, the comptroller | ||
| shall: | ||
| (1) determine the percentage of a taxpayer's | ||
| prepayment that may be deducted and withheld under Subsection (a); | ||
| and | ||
| (2) publish the percentage determined under this | ||
| subsection on the comptroller's Internet website. | ||
| (f) The percentage determined under Subsection (e) applies | ||
| to a deduction and withholding from a prepayment of tax liability | ||
| that a taxpayer makes on or after January 15 of the year the | ||
| comptroller makes the determination and before January 15 of the | ||
| succeeding year. | ||
| SECTION 4. Section 151.801, Tax Code, is amended by | ||
| amending Subsection (a) and adding Subsections (a-1) and (a-2) to | ||
| read as follows: | ||
| (a) Except for the amounts allocated under Subsections | ||
| (a-1), (a-2), (b), and (c), all proceeds from the collection of the | ||
| taxes imposed by this chapter shall be deposited to the credit of | ||
| the general revenue fund. | ||
| (a-1) The comptroller shall calculate the difference | ||
| between the amount of the proceeds from the collection of the taxes | ||
| imposed by this chapter that, in the absence of the limitation on | ||
| reimbursements specified by Section 151.4231, taxpayers would | ||
| deduct and withhold under Section 151.423 at the percentage in | ||
| effect under that section on January 1, 2011, and the amount that | ||
| taxpayers actually deduct and withhold under Section 151.423 after | ||
| applying the limitation specified by Section 151.4231. The | ||
| comptroller shall deposit an amount equal to that difference to an | ||
| account in the general revenue fund. Money in the account may be | ||
| appropriated only to provide grants under Subchapter M, Chapter 56, | ||
| Education Code. | ||
| (a-2) If the percentage determined under Section | ||
| 151.424(a)(2) applies in determining the amount a taxpayer may | ||
| deduct and withhold under Section 151.424 from taxes imposed by | ||
| this chapter, the comptroller shall determine the difference | ||
| between the amount the taxpayer would deduct and withhold if the | ||
| percentage under Section 151.424(a)(1) applied and the amount the | ||
| taxpayer actually deducts and withholds under Section | ||
| 151.424(a)(2). The comptroller shall deposit an amount equal to | ||
| that difference in an account in the general revenue fund. Money in | ||
| the account may be appropriated only to provide grants under | ||
| Subchapter M, Chapter 56, Education Code. | ||
| SECTION 5. The comptroller of public accounts shall make | ||
| the initial determination required by Section 151.424(e), Tax Code, | ||
| as added by this Act, not later than January 5, 2012. | ||
| SECTION 6. Section 151.423, Tax Code, as amended by this | ||
| Act, applies to a tax report due on or after the effective date of | ||
| this Act. A tax report due before the effective date of this Act is | ||
| governed by the law in effect on the date the tax report was due, and | ||
| the former law is continued in effect for that purpose. | ||
| SECTION 7. Section 151.424, Tax Code, as amended by this | ||
| Act, applies to a prepayment of tax liability made on or after | ||
| January 15, 2012. A prepayment of tax liability made before January | ||
| 15, 2012, is governed by the law in effect immediately preceding the | ||
| effective date of this Act, and the former law is continued in | ||
| effect for that purpose. | ||
| SECTION 8. The change in law made by this Act does not | ||
| affect tax liability accruing before the effective date of this | ||
| Act. That liability continues in effect as if this Act had not been | ||
| enacted, and the former law is continued in effect for the | ||
| collection of taxes due and for civil and criminal enforcement of | ||
| the liability for those taxes. | ||
| SECTION 9. This Act takes effect September 1, 2011, if this | ||
| Act receives a vote of two-thirds of all the members elected to each | ||
| house, as provided by Section 39, Article III, Texas Constitution. | ||
| If this Act does not receive the vote necessary for this Act to take | ||
| effect on that date, this Act takes effect October 1, 2011. | ||
