1. Taxes paid on gross receipts represented by accounts found to be worthless and
actually charged off for income tax purposes may be credited upon subsequent payment
of the tax herein provided; provided, that if such accounts are hereafter collected
by the retailer, a tax must be paid upon the amount so collected. If a retailer's filing responsibility has been assumed by a certified service provider,
the certified provider may claim on behalf of the retailer any bad debt allowance
provided under this section. The certified service provider shall credit or refund to the retailer the full amount
of any bad debt allowance or refund received under this section.
2. If a retailer has remitted the sales tax due on the full amount of an installment
sales contract rather than on only the installment payments received, the retailer
may deduct as a credit against the retailer's sales tax liability on the next return
that the retailer is required to file the amount of sales tax the retailer paid on
the installment contract payments which were not made by the purchaser of the merchandise
sold under such contract; such credit may be deducted by the retailer regardless
of whether or not said retailer has assigned the contract, provided, however, that
if the retailer has assigned the contract the retailer must have assigned it subject
to an agreement to repurchase the contract in the event of default by the purchaser
under the contract or subject to a guarantee that the payments under the contract
would be made. In the event such deduction exceeds the amount of sales tax due the state by the
retailer in the next regular return, such excess must be allowed as credit against
future sales tax due from the retailer. If in any case the credit, or any part of it, cannot be utilized by the retailer
because of a discontinuance of a business or for other valid reasons, the amount thereof
may be refunded to the retailer.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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