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FL H0355
Bill
Status
Failed
4/28/2015
Primary Sponsor
Daniel Burgess
Click for details
AI Summary
- Revises the method for calculating Florida sales tax and discretionary sales surtax by requiring multiplication of the taxable transaction by the applicable tax rate (6% or 4.35% for certain transactions) rather than using statutory bracket tables
- Requires any fractional cent resulting from the tax calculation to be rounded down to the nearest whole cent
- Eliminates the detailed bracket system that previously specified exact tax amounts for sales at various price points (e.g., no tax on sales under 10 cents, 1 cent tax on sales of 10-16 cents, etc.)
- Removes the safe harbor provision that protected dealers from liability if they calculated tax by rounding to the nearest cent rather than using the bracket system
- Effective date: July 1, 2015
Legislative Description
Sales and Use Tax
Last Action
Died in Finance and Tax Committee
4/28/2015
Committee Referrals
Finance And Tax1/28/2015
Full Bill Text
No bill text available