Date of enactment: April 24, 1996
1995 Assembly Bill 417 Date of publication*: May 8, 1996
1995 WISCONSIN ACT 280
An Act to repeal 77.61 (4) (b); and to amend 25.40 (1) (a) 1. and 77.61 (4) (c) of the statutes; relating to: the retailers' discount for the sales tax and the use tax.
The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
280, s. 1
25.40 (1) (a) 1. of the statutes is amended to read:
25.40 (1) (a) 1. Net sales taxes as determined in s. 77.61 (4) (b) or (c).
280, s. 2
77.61 (4) (b) of the statutes is repealed.
280, s. 3
77.61 (4) (c) of the statutes is amended to read:
77.61 (4) (c) For reporting the sales tax and collecting and reporting the use tax imposed on the retailer under s. 77.53 (3) and the accounting connected with it, retailers may deduct 0.5% of the sales and use tax those taxes payable or $10 for that reporting period required under s. 77.58 (1), whichever is greater, but not more than the amount of the sales taxes or use taxes that is payable under ss. 77.52 (1) and 77.53 (3) for that reporting period required under s. 77.58 (1), as administration expenses if the payment of the taxes is not delinquent. For purposes of calculating the retailer's discount under this paragraph, the taxes on retail sales reported by retailers under subch. V, including taxes collected and remitted as required under s. 77.785, shall be included if the payment of those taxes is not delinquent.
(1) This act first applies to taxes payable on returns filed for periods that end on January 1, 1997.