SB 500-10_ Filed 04/05/2007, 07:27 Thompson
Adopted 4/9/2007


Text Box


    PREVAILED      Roll Call No. _______
    FAILED        Ayes _______
    WITHDRAWN        Noes _______
    RULED OUT OF ORDER


[

HOUSE MOTION ____

]

MR. SPEAKER:

    I move that Engrossed Senate Bill 500 be amended to read as follows:

SOURCE: Page 28, line 11; (07)MO050022.28. -->     Page 28, delete lines 11 through 31, begin a new paragraph and insert:
SOURCE: IC 6-2.5-6-10; (07)MO050022.22. -->     "SECTION 22. IC 6-2.5-6-10 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2007]: Sec. 10. (a) In order to compensate retail merchants for collecting and timely remitting the state gross retail tax and the state use tax, every retail merchant, except a retail merchant referred to in subsection (c), is entitled to deduct and retain from the amount of those taxes otherwise required to be remitted under IC 6-2.5-7-5 or under this chapter, if timely remitted, a retail merchant's collection allowance.
    (b) The allowance equals eighty-three hundredths percent (0.83%) a percentage of the retail merchant's state gross retail and use tax liability accrued during a reporting period, specified as follows:
        (1) Eighty-three hundredths percent (0.83%) on the first seven hundred fifty thousand dollars ($750,000) of the retail merchant's accrued state gross retail and use tax liability for the calendar year of the reporting period.
        (2) Thirteen-hundredths percent (0.13%) on the retail merchant's accrued state gross retail and use tax liability
in excess of seven hundred fifty thousand dollars ($750,000) for the calendar year of the reporting period.
    (c) A retail merchant described in IC 6-2.5-4-5 or IC 6-2.5-4-6 is not entitled to the allowance provided by this section.".
SOURCE: Page 71, line 9; (07)MO050022.71. -->     Page 71, between lines 9 and 10, begin a new paragraph and insert:
SOURCE: ; (07)MO050022.57. -->     "SECTION 57. [EFFECTIVE JULY 1, 2007] (a) IC 6-2.5-6-10, as amended by this act, applies to reporting periods beginning after June 30, 2007.
    (b) The amount of a retail merchant's state gross retail and use tax liability under IC 6-2.5 accrued during the period beginning after December 31, 2006, and ending before July 1, 2007, must be used to determine the applicable percentage applied under IC 6-2.5-6-10(b), as amended by this act, for a reporting period beginning after June 30, 2007, and ending before January 1, 2008.
".
    Renumber all SECTIONS consecutively.
    (Reference is to ESB 500 as printed April 3, 2007.)

________________________________________

Representative Thompson


MO050022/DI 92     2007