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Sales Tax Modernization 1

SECTION 49.   Section 94 of chapter 47 the acts of 2017 is hereby amended by inserting after the words "commissioner of revenue shall", in line 1119, the following words:- , not later than May 31, 2021,.
 
 

Summary:
This section requires the Commissioner of Revenue to promulgate regulations by May 31, 2021 so as to require third-party processors (predominantly credit card companies) to remit to the Commonwealth, on a daily basis, the portion of a sale that is attributable to sales tax. There would be no change to the current schedule for reporting and remitting the sales tax for cash sales. Under a companion section, the Department of Revenue would be required to treat sales tax revenue remitted in July as revenue for the previous fiscal year for fiscal years 2019 and 2020.