Section 49 Sales Tax Modernization 2
Said chapter 62C is hereby amended by inserting after section 16A the following section:-
Section 16B. With respect to returns required to be filed under subsections (g) and (h) of section 16, the commissioner, notwithstanding the due date of the return or payment date as set forth in said section 16, or any other provision of law, may promulgate regulations requiring a preliminary remittance of tax collected on account of each tax period prior to the due date of the applicable return, provided that such regulations shall apply only to operators whose cumulative liability in the previous 12 month period with respect to returns filed under said subsection (g) is more than $100,000, and to vendors whose cumulative liability in the previous 12 month period with respect to returns filed under said subsection (h) is more than $100,000.
The commissioner may by regulation provide the manner and conditions under which such preliminary remittances shall be made, including the determination of the groups of vendors from whom preliminary remittances are required.
If any person required by this section or by regulation of the commissioner to make such a preliminary remittance fails to make such payment on or before the date prescribed therefor, there shall be imposed upon such person a penalty of 5 per cent of the amount of the underpayment, unless it is shown that such failure is due to reasonable cause and not to willful neglect. For purposes of this paragraph, the term "underpayment" means the excess of the amount of the preliminary remittance required to be so made over the amount, if any, paid on or before the date prescribed therefor.
This section permits the Commissioner of Revenue to require vendors to remit an initial payment of the sales and use tax, the local option meals excise, and room occupancy tax, but exempts vendors who collected $100,000 or less of those taxes in the previous year from such a requirement.