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.

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.