SALT Report 2735 – In the latest issue of Tax Policy News, the Texas Comptroller discusses the early payment requirements for sales, fuels, and mixed beverage taxes. In 2011, the state’s legislature passed SB 1, which required businesses that collect sales tax to make a prepayment of its taxes due in September 2013.
The prepayment was set at 25% of the amount of the taxes due in August 2013, and would be counted as a credit on the amount of sales taxes due in September 2013. However, on June 14, 2013, the Governor signed Senate Bill 559, which repeals the early payment requirement effective immediately.
For Further Information