Senate Bill No. 840 Summary

• Creates the "Sales Tax Technology Act" requiring mandatory implementation of an automated sales and use tax collection system by July 1, 2013 for new businesses and delinquent businesses, with voluntary adoption available for other businesses

• New businesses receive one installed electronic cash register unit and software at payment service provider cost, while all other costs for hardware and software maintenance become the responsibility of participating businesses

• Requires participating businesses to electronically transmit credit and debit card transaction data daily to payment service providers and the Department of Revenue, including total sale amounts, taxable amounts, and applicable taxes

• Directs payment service providers to remit collected taxes directly to the Director's designated deposit account during daily settlement, with businesses responsible for all credit and debit card transaction fees

• Exempts businesses with annual filing status requirements and those filing monthly returns with four-times monthly payments from the automated system; allows deferral for businesses whose existing systems cannot interface with electronic cash registers as of July 1, 2013