HB512: Sales & use tax; prohibits accelerated collection of payments from retail merchants & other dealers.

HOUSE BILL NO. 512

Offered January 10, 2018
Prefiled January 8, 2018
A BILL to amend and reenact § 58.1-616 of the Code of Virginia, relating to accelerated sales and use tax payments.
Patron-- Wilt

Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That § 58.1-616 of the Code of Virginia is amended and reenacted as follows:

§ 58.1-616. Payment to accompany dealer's return.

At the time of transmitting the return required under § 58.1-615, the dealer shall remit to the Tax Commissioner the amount of tax due after making appropriate adjustments for purchases returned, repossessions, and accounts uncollectible and charged off as provided in §§ 58.1-619, 58.1-620 and 58.1-621. The tax imposed by this chapter shall for each period become delinquent on the twenty-first day of the succeeding month if not paid.

On and after July 1, 2020, and notwithstanding any other provision of law, no dealer shall be required to remit any amount of sales and use tax on an accelerated schedule or a schedule other than as provided for the time of transmitting the return pursuant to § 58.1-615.