Tennessee HB0714 amends sales tax remittance rules to allow merchants to retain sales tax payments longer to offset transaction fees.

Tennessee HB0714 amends the state's sales tax laws to establish a new remittance schedule for merchants. This schedule allows merchants to retain sales tax payments for a period that enables them to recoup transaction fees before remitting the collected sales tax. The holding time is determined based on the state's total sales tax remittance during the previous year, the percentage of credit and debit card transactions, the state's fees for credit card transactions, and the federal funds rate.

Tennessee HB0714 amends sales tax remittance rules to allow merchants to retain sales tax payments longer to offset transaction fees.

Tennessee HB0714 amends the state's sales tax laws to establish a new remittance schedule for merchants. This schedule allows merchants to retain sales tax payments for a period that enables them to recoup transaction fees before remitting the collected sales tax. The holding time is determined based on the state's total sales tax remittance during the previous year, the percentage of credit and debit card transactions, the state's fees for credit card transactions, and the federal funds rate.