HB 2318 Summary

• Increases the annual tax liability threshold for mandatory estimated transaction privilege tax (TPT) payments from $1,000,000 to graduated amounts: $1,500,000 (2019), $2,000,000 (2020), $3,000,000 (2021), $4,000,000 (2022), and $5,000,000 (2023 and thereafter).

• Estimated tax payments remain due on or before June 20 each year for taxpayers meeting the threshold requirements.

• Allows other taxpayers to voluntarily elect to pay estimated tax payments under the same subsection.

• Maintains the calculation methods for estimated payments based on either one-half of actual May tax liability or full tax liability for the first 15 days of June.