TN HB0714

Requires the commissioner and state treasurer to establish an extended sales tax remittance schedule allowing merchants to hold collected sales tax longer before remitting to the state

Extended holding period intended to offset credit/debit card transaction fees merchants pay on the sales tax portion of purchases

Holding time calculation must factor in: previous year's total sales tax remittance, percentage of card transactions, state credit card fees, and the federal funds rate

Commissioner must review the holding time biannually to ensure appropriateness

Takes effect immediately upon becoming law; does not change existing collection forms or processes beyond the extended remittance timeframe