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Bill > H2838


MA H2838

Relative to the timing of reimbursement for federal manufacturers excise tax


summary

Introduced
01/22/2019
In Committee
01/22/2019
Crossed Over
Passed
Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to the timing of contractual reimbursements for the federal manufacturer’s excise tax on petroleum products. Telecommunications, Utilities and Energy.

AI Summary

This bill amends the Massachusetts General Laws to allow one party in a contract to reimburse the other party for the federal manufacturer's excise tax on petroleum products one business day before the other party is required to remit the taxes to the Internal Revenue Service. The party exercising this option may be required to provide security for the payment of the taxes, but the other party cannot change the other payment terms of the contract without a valid business reason, except to require the payment of the taxes by electronic transfer of funds. The party exercising this option must provide written notice to the other party at least 30 days in advance or at the beginning of the next federal tax quarter, whichever is later.

Committee Categories

Transportation and Infrastructure

Sponsors (1)

Last Action

Accompanied a study order, see H4405 (on 02/10/2020)

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