Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Sales and Use Tax Annotations


A    B    C    D    E    F    G    H    I    J    L    M    N    O    P    R    S    T    U    V    W    X   

G

295.0000 GROSS RECEIPTS

Annotation 295.0888

(c) DISCOUNTS

295.0888 Cash Discounts. A retailer offers cash discounts for prompt payment. If a customer makes prompt payment and takes the discount, the retailer's gross receipts are the amount billed less the discount. If a customer does not make prompt payment, the retailer's gross receipts are the amount billed. The statute excludes only discounts allowed and taken. 5/13/94.