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FINANCE DEPARTMENT MEMORANDUM #12021 DATE:Feb. 8, 2021TO:Honorable Mayor Meredith Eighty and City Council MembersTHROUGH:Heather Layer, City ManagerFROM:Jason Loveland, Director of FinanceSUBJECT:CB1968

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Determine the threshold for economic nexus in the specific state or jurisdiction.

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Who needs cb-1968define economic nexus and?

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Businesses that conduct sales or transactions in a state or jurisdiction where economic nexus rules apply.

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What is cb-1968define economic nexus?

Economic nexus is a concept where a business is required to collect and remit sales tax in a state based on their economic activity in that state, even if they do not have a physical presence there.

Who is required to file cb-1968define economic nexus?

Businesses that meet the economic thresholds set by each state are required to file and comply with economic nexus laws.

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Businesses can fill out economic nexus filings by providing the required information such as sales figures, transaction numbers, and other relevant data to the state's tax authority.

What is the purpose of cb-1968define economic nexus?

The purpose of economic nexus is to ensure that businesses with significant economic activity in a state contribute their fair share of taxes to that state's tax revenue.

What information must be reported on cb-1968define economic nexus?

Businesses must report sales figures, transaction numbers, and other relevant economic data that determine their tax obligations in a particular state.

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