FISCAL NOTE, 2003 LEGISLATIVE SESSION

FISCAL NOTE 2003-SB34A

SB 34 revise certain provisions regarding temporary vendors maintaining records for sales tax collection purposes and to provide a penalty for failure to comply with certain record keeping requirements.

Senate Bill 34, as amended by the Senate, specifies that a temporary vendor shall maintain inventory records, credit card receipts, and the names of suppliers for a minimum of three years. Failure to comply with these provisions is a Class 1 misdemeanor. The vendor is required to provide for an inspection of records by the Department of Revenue upon request by the agency. A temporary vendor may be subject to audits without notice. The secretary of the Revenue Department may revoke a temporary sales tax license if the vendor fails to comply with the provisions contained in Senate Bill 34.

In consultation with the Department of Revenue, it has been determined that Senate Bill 34 has no financial impact to the State.

APPROVED BY:_______________________________________ DATE:____________