Tax liability; merchant's collection allowance
Sec. 10. (a) In order to compensate retail merchants for collecting
and timely remitting the state gross retail tax and the state use tax,
every retail merchant, except a retail merchant referred to in
subsection (c), is entitled to deduct and retain from the amount of
those taxes otherwise required to be remitted under IC 6-2.5-7-5 or
under this chapter, if timely remitted, a retail merchant's collection
allowance.
(b) The allowance equals eighty-three hundredths percent (0.83%)
of the retail merchant's state gross retail and use tax liability accrued
during a reporting period.
(c) A retail merchant described in IC 6-2.5-4-5 or IC 6-2.5-4-6 is
not entitled to the allowance provided by this section.
As added by Acts 1980, P.L.52, SEC.1. Amended by P.L.71-1993,
SEC.10; P.L.28-1997, SEC.12; P.L.192-2002(ss), SEC.62.
Last modified: May 28, 2006