MN SF2272

Eliminates accelerated monthly sales tax payment requirements for vendors with $120,000 or more in annual liability, effective for taxes due after July 1, 2012.

Returns sales and use tax payment deadline to the 20th day of the month following the taxable event for all vendors, removing the previous 14th-day accelerated payment and 67 percent prepayment obligations.

Maintains special June liability payment requirement: vendors with $120,000+ annual liability must remit 90 percent of estimated June liability two business days before June 30, with remaining amount due by August 20.

Preserves electronic payment requirements for vendors with $10,000 or more in annual liability and allows religious exemptions with commissioner notification.

Repeals Minnesota Statutes 2011 Supplement, section 289A.60, subdivision 31, effective for taxes due after July 1, 2012.