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Bill would require electronic payment of state taxes for liabilities $50,000 or greater, department says
Summary
Senate Bill 54 would lower the electronic-funds-transfer threshold requiring taxpayers to pay state taxes electronically from $500,000 to $50,000; Department of Revenue witnesses said the change streamlines processing and preserves rule-based exceptions.
Senator Galt introduced Senate Bill 54 to the House Taxation Committee, saying the bill lowers the statutory threshold that triggers required electronic funds transfer (EFT) for state tax payments.
"This is pretty simple," Senator Galt said. "It just raises the limit that you are required to do an electronic payment for 500,000 down to 50,000." (Senator identified the existing higher threshold and the proposed $50,000 threshold.)
Kristen Gutowski,…
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