HB383 Summary

• Allows taxpayers with average monthly sales tax liability below $2,500 to elect quarterly, semi-annual, or annual filing instead of monthly reporting, with elections made by February 20 annually.

• Establishes tiered filing frequency options: quarterly for taxpayers with less than $2,400 annual liability; semi-annual for those with less than $1,200 annual liability or sales in no more than two 30-day periods; annual for those with less than $600 liability or sales in one 30-day period or less.

• Applies same filing frequency options to use tax and transient occupancy (lodging) tax with corresponding dollar thresholds and deadlines (July 20 and January 20 for semi-annual; January 20 for annual).

• Creates new Section 40-23-6.1 allowing the Department of Revenue commissioner to suspend, revoke, or deny licenses for reasonable cause including fraud, misstatements, ownership changes, non-compliance with tax law, or failure to maintain required surety bonds.

• Becomes effective the first day of the third month following passage and approval.