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Bill > HB3011
OK HB3011
OK HB3011Revenue and taxation; creating the Sales Tax Simplification and Fairness Reform Act of 2020; sales tax refunds and reporting; effective date.
summary
Introduced
02/03/2020
02/03/2020
In Committee
02/13/2020
02/13/2020
Crossed Over
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to revenue and taxation; creating the Sales Tax Simplification and Fairness Reform Act of 2020; amending 68 O.S. 2011, Sections 217, as last amended by Section 1, Chapter 28, O.S.L. 2016, and 227, as last amended by Section 1, Chapter 358, O.S.L. 2016 (68 O.S. Supp. 2019, Sections 217 and 227), which relate to sales tax refunds; modifying rate of interest; setting rate of interest according to prime lending rate as published in The Wall Street Journal; modifying time limit for claiming refund; requiring application of refund as credit against assessment; providing for remittance of taxes through single account and report; directing Oklahoma Tax Commission to promulgate rules; allowing seller or vender one percent deduction for keeping records; limiting maximum allowable deduction; providing for codification; providing for noncodification; and providing an effective date.
AI Summary
This bill, the "Sales Tax Simplification and Fairness Reform Act of 2020," aims to modernize Oklahoma's sales tax system. It modifies the interest rate for delinquent sales tax payments to be based on the prime lending rate published in The Wall Street Journal, rather than a fixed 1.25% per month. The bill also adjusts the time limit for claiming sales tax refunds, allowing the refund amount to be applied as a credit against any assessment. Additionally, it requires businesses to report and remit sales, use, and consumer use taxes through a single account and consolidated report with the Oklahoma Tax Commission. The bill also allows sellers a 1% deduction, up to $2,500 per return, to compensate them for maintaining sales tax records and remitting taxes. The provisions of this bill would take effect on July 1, 2021.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Recommendation to the full committee; Do Pass, amended by committee substitute Appropriations and Budget General Government Subcommittee (on 02/18/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3011&Session=2000 |
| BillText | http://webserver1.lsb.state.ok.us/cf_pdf/2019-20%20INT/hB/HB3011%20INT.PDF |
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