An Act Concerning The Deadline For Filing Sales And Use Tax Returns.
The proposed amendment to section 12-414 of the general statutes is intended to streamline the tax filing process and may lead to increased compliance rates among taxpayers. By allowing taxpayers more time to gather necessary documentation and accurately complete their returns, the bill is expected to mitigate errors caused by rushed filings. This could ultimately have a positive impact on state revenue collection as accurate filings are crucial for effective tax revenue management.
SB00626, also known as 'An Act Concerning The Deadline For Filing Sales And Use Tax Returns', proposes to extend the deadline for filing sales and use tax returns. Currently, the deadline is set for the twentieth day of the month following each monthly or quarterly period. This bill seeks to shift the deadline to the last day of the respective month, thereby providing taxpayers with additional time to prepare and submit their returns. The change is aimed at easing the compliance burden on businesses and individuals responsible for these filings.
While the bill is primarily oriented towards easing administrative burdens, it may attract discussion regarding its potential implications on state revenue timing. Opponents may argue that extending the filing deadline could delay revenue inflows to the state treasury, complicating budgeting and fiscal planning processes. Additionally, there may be concerns from tax authorities about ensuring adequate systems and resources are in place to manage the new filing timeline effectively.