SB 19-024 Summary

• Changes severance tax payment requirement from mandatory to permissive by allowing the Executive Director to require electronic remittance of oil and gas interest withholding taxes rather than making it mandatory as of July 1, 2007.

• Allows the Executive Director to require vendors with more than $75,000 in state sales tax liability in the previous calendar year to remit all state and local sales taxes by electronic funds transfers.

• Permits the Executive Director to require earlier submission times on the deadline day for electronic sales tax remittances compared to other payment methods, while maintaining the same deadline date as traditional remittance methods.

• Takes effect August 2, 2019, unless a referendum petition is filed, in which case it requires voter approval at the November 2020 general election before taking effect.

• Applies to all remittances made on or after the effective date of the act.