Posts Tagged ‘sales tax’
New Changes to Texas Agricultural Exemption Beginning January 2012
Texas has passed new legislation requiring registration and new exemption certificates for Agricultural Tax Exemption claims that goes into effect January 1, 2012.
Texas Tax Law Changes Effective 10/1/11
Recent changes to the Texas tax laws may affect your business. The late filing penalty for many Texas taxes has been increased and will be assessed. The one million threshold for Franchise Tax has been extended through December 31, 2013.
Additional Texas Sales and Use Tax Changes
On June 10, 2011, the Texas House passed with amendments S1, the Senate omnibus fiscal matters bill, which contains myriad tax provisions. The proposed legislation provides that a taxpayer who in August 2013 is required to pay sale and use taxes on or before the 20th day of that month, who pays the taxes by electronic funds transfer, and who does not prepay as provided by state law, must remit an additional tax prepayment of 25% of the amount the taxpayer is otherwise required to remit during August 2013. The taxpayer can then take a credit in the amount of the additional payment against the next payment due.
Texas Legislature Passes Previously Vetoed Sales Tax Nexus Bill
On June 10, 2011, the Texas House passed with amendments S1, the Senate omnibus fiscal matters bill, which contains myriad tax provisions including the sales tax provision which provides that online subsidiaries or affiliates of retailers with stores or other facilities in Texas have nexus with the state. In a June 9 press release, Texas Governor Rick Perry called on the state legislature to review the nexus issue further before changing Texas tax policy, and urged the legislature to remove the Internet sales tax language from the bill. Governor Perry vetoed H2403 containing identical nexus provisions on May 31, 2011. (L. 2011 S1 (1st S.S.); Statement by Gov. Rick Perry on Internet Sales Tax Language in Fiscal Matters Bill, 06/09/2011.)
Texas Sales Tax Nexus Legislation Vetoed by Governor
On May 31, 2011, Texas Governor Rick Perry vetoed H2403, proposed legislation which provided that online subsidiaries or affiliates of retailers with stores or other facilities in Texas would have nexus with the state.
Governor Perry said that he had serious concerns about the impact and appropriateness of the bill, believing that it risked significant unintended consequences. The governor stated that his preference is to conduct a thorough policy discussion with Texas lawmakers, consumers, retailers and technology experts, as well as with other states and the federal government, about interstate commerce and the structure of sales taxes in the 21st century, and reach a consensus that balances competing interests, respects federalism, and is fair and equitable.
