SENATE, No. 2033
STATE OF NEW JERSEY
INTRODUCED MAY 8, 1997
By Senators McGREEVEY and SACCO
An Act allowing vendors to retain a percentage of the sales tax collected, supplementing P.L.1966, c.30 (C.54:32B-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. The director shall allow to each person required to collect tax under P.L.1966, c.30 (C.54:32B-1 et seq.), and who has complied with all the provisions of the act, including any rules or regulations made or adopted by the director, a discount of 1% of the tax collected by such person, as consideration for collecting and promptly remitting the same.
2. This act shall take effect July 1 next following its enactment.
STATEMENT
This bill allows to persons required to collect sales taxes a discount of 1% of the taxes collected as consideration for collecting and promptly remitting the taxes. According to the American Retail Federation, the cost of compliance with sales tax laws involves five elements: collection, reporting, payment, auditing and miscellaneous. These include item identification; point-of-sale (POS) equipment, either purchase, rent or lease, and maintenance; POS programming; training costs; paper work-bank deposits, store reports, tax filings, accounting, etc. The States of New York, Pennsylvania and Maryland allow for a retail discount for collecting state sales taxes.
Allows vendors to retain 1% of sales tax collected as consideration for collecting and promptly remitting the same.