Establishes a vendors’ collection allowance in Massachusetts, allowing vendors to retain up to 2% of taxes collected annually, not exceeding $750.
The bill establishes a vendors’ collection allowance in Massachusetts, allowing vendors to retain an amount equal to 2% of the total tax collected in any one calendar year. The total amount retained by any vendor, when combined with taxes retained under another section, shall not exceed $750. Vendors can only deduct up to 2% of the tax collected during the standard reporting period. Once the annual maximum retention amount is reached, vendors cannot deduct any further amount until the beginning of the next calendar year.
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