summary
Introduced
01/23/2025
01/23/2025
In Committee
01/23/2025
01/23/2025
Crossed Over
Passed
Dead
Introduced Session
2025-2026 Regular Session
Bill Summary
Amending the act of March 4, 1971 (P.L.6, No.2), entitled "An act relating to tax reform and State taxation by codifying and enumerating certain subjects of taxation and imposing taxes thereon; providing procedures for the payment, collection, administration and enforcement thereof; providing for tax credits in certain cases; conferring powers and imposing duties upon the Department of Revenue, certain employers, fiduciaries, individuals, persons, corporations and other entities; prescribing crimes, offenses and penalties," in sales and use tax, further providing for discount.
AI Summary
This bill modifies the existing sales and use tax discount provisions for businesses (referred to as "licensees") that collect and remit sales taxes. Currently, businesses could receive a discount based on their filing frequency, but the bill replaces this with a tiered discount structure. Specifically, businesses can now receive a 1% discount on the first $1 million of taxable revenue they collect, and a 0.25% discount on any taxable revenue above $1 million. This change aims to provide a more standardized and potentially more generous tax collection incentive for businesses, encouraging prompt and accurate tax reporting. The new discount structure will take effect 60 days after the bill's passage, giving businesses time to adjust to the new rules. The bill represents a modification to the Tax Reform Code of 1971, specifically Section 227 related to tax collection discounts.
Committee Categories
Budget and Finance
Sponsors (15)
Paul Friel (D)*,
Lisa Borowski (D),
Danilo Burgos (D),
José Giral (D),
Roni Green (D),
Nancy Guenst (D),
Pat Harkins (D),
Carol Hill-Evans (D),
Thomas Kutz (R),
Joe McAndrew (D),
Jeanne McNeill (D),
Chad Reichard (R),
Ben Sanchez (D),
Gregory Scott (D),
Joseph Webster (D),
Last Action
Referred to Finance (on 01/23/2025)
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