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HB51 ENROLLED1HB512TVMX59133By Representative Wilcox4RFD: Ways and Means Education5First Read: 06Feb246PFD: 12Jan24Page 0HB51 Enrolled 1Enrolled, An Act,2 3To amend Section 40234, Code of Alabama
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Sales and use tax is a type of tax imposed by state or local governments on the sale of goods and services. It is collected at the point of sale for tangible personal property and is used to generate revenue for public services.
Businesses that sell taxable goods or services are required to file sales and use tax returns. Additionally, individuals or companies that purchase items without paying sales tax and use them for taxable purposes may also be required to file.
To fill out a sales and use tax return, collect your total sales for the taxable period, calculate the tax owed based on the tax rate, and report any exempt sales or purchases. Finally, report the total amount owed and submit the return by the deadline.
The purpose of sales and use tax is to fund various government services and programs, including education, infrastructure, and public safety, by taxing retail transactions.
You must report total sales, taxable sales, exempt sales, purchases subject to use tax, and the total tax collected during the reporting period.
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