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News – Friday, December 29, 2023
FY 2024-15, New Payment Equals Agreement Statute Effective January 1, 2024, for Sales, Use, and Excise Taxes and Fees
Public Act 103-0009, Article 100 amends the meaning of payments made for sales, use, and excise taxes and fees.
What is the new law?
Under the new law, any payment made, with the exception of quarter-monthly payments, constitutes an agreed liability by the taxpayer.
For more information, see New Payment Equals Agreement Statute Effective January 1, 2024, for Sales, Use, and Excise Taxes and Fees.