AL SB2

Increases the average monthly state sales tax liability threshold requiring estimated monthly payments from $1,000 to $2,500 or greater.

Taxpayers meeting the new threshold must make estimated payments to the Department of Revenue by the 20th day of the month in which liability occurs, calculated at 66 2/3 percent of actual tax liability.

First estimated payment is based on 66 2/3 percent of the taxpayer's actual tax liability for the same calendar month of the preceding year.

Any overpayment or underpayment credits or deficits are applied to adjust the final monthly tax liability reported by the 20th day of the following month.

Becomes effective September 1, 2012, upon passage and approval by the Governor or upon otherwise becoming law.