MI SB0264

Modifies the prepayment collection process for sellers with annual tax liability of $720,000 or more under Michigan's use tax law

From January 1, 1999 through December 31, 2013, large sellers must remit 50% of their prior year's same-month liability (or 50% of current actual liability, whichever is less) by the 20th of the month, plus a reconciliation payment by month-end

Beginning January 1, 2014, large sellers must increase prepayment to 75% of their prior year's same-month liability (or 75% of current actual liability, whichever is less) by the 20th of the month, plus reconciliation payment

Allows the Department of Treasury to require returns and payments for periods other than monthly if deemed necessary for efficient administration

Effective date: March 28, 2013