Issue Date:
Revised Date:

Legal Citations

Object Type

Cash — Personal Property

Origin Date

January 1, 1982 by H.B. 2356, 67th Leg., R.S.

Description

A retailer who sells taxable items on credit and charges interest on the amount of all sales taxes, and who remits sales tax and files tax reports on a cash basis accounting system, shall remit the greater of:

(1) one-half of the amount of interest on credit extended to the purchaser for the payment of the amount of all sales taxes imposed, or;

(2) the amount of interest on credit extended to the purchaser for the payment of the amount of all sales taxes imposed, less an amount of interest at a rate of 9% per year on credit extended for the payment of the sales tax.

Due Date

At time sales tax is due.

Note

USAS Values

Appropriation Year 25
USAS Title INTEREST ON RETAIL CREDIT SALE
Receipt Category 02 – Personal Property
Receipt Type 01 – Taxes
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 06 – SALES TAXES