Bill
SD 991
Overview: SD 991, "An Act repealing advance sales tax payments", has passed the House and is awaiting final concurrence.Purpose and Intent: The main goal of this bill is to elimina
Overview: SD 991, "An Act repealing advance sales tax payments", has passed the House and is awaiting final concurrence.
Purpose and Intent: The main goal of this bill is to eliminate the requirement for businesses to make advance sales tax payments to the state, which can create cash flow challenges for some companies.
Key Provisions:
- Repeals the requirement for businesses to make advance sales tax payments to the state
- Allows businesses to remit sales tax on a monthly or quarterly basis, based on actual sales
Affected Parties and Impacts: The primary beneficiaries of this bill would be businesses, particularly smaller and medium-sized enterprises, as they would no longer be required to make advance tax payments, improving their cash flow and financial management.
Procedural and Timeline Considerations: The bill has passed the House and is awaiting final concurrence. Once passed, the repeal of the advance sales tax payment requirement would likely take effect within the next fiscal year.
Compiled from official sources — confirm details with the bill’s official record.
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