TPT Increases Tax-dollar Distribution

 

Via apachejunctionindependent.com

The first year of full implementation of the Arizona Department of Revenue’s transaction privilege tax simplification is seeing increased tax-dollar distribution back to participating cities, including Apache Junction, according to a press release.

TPT is a gross receipts tax levied on businesses by the state of Arizona for the privilege of conducting business in the state. For the first six months of 2017, ADOR distributed more than $1.4 billion to 91 cities.

On Jan, 1, 14 municipalities, including Apache Junction, Chandler, Mesa, Scottsdale and Tempe, joined 77 Arizona cities under the state TPT collection program. For the first half of 2017, the east Valley cities received the following in TPT distribution:

•Apache Junction – more than $6.3 million, a 3.33 percent increase from the same period in 2016. •Chandler – more than $60 million, a 4.68 percent increase compared to the first six months of 2016. •Mesa – more than $82.6 million, a 3.79 percent increase from what the city collected in 2016. •Scottsdale – more than $101.3 million, a 2.59 percent from the same period in 2016. •Tempe – more than $77.2 million, a 6.59 percent increase compared to the first half of 2016.

“The Arizona Department of Revenue is pleased that after years of working with cities to implement this centralized licensing and reporting framework for thousands of Arizona businesses, transaction privilege tax reform is now fully implemented under Gov. (Doug) Ducey’s administration,” Arizona Department of Revenue Director David Briant said in the release. “TPT is a streamlined and efficient program that enables hundreds of thousands of businesses to register, file returns and make TPT payments via a central portal.”

Under ADOR’s full implementation of TPT simplification, the agency is the single point of administration and collection of state and city taxes for all business, including residential rental owners in the state. Businesses do not have to file two or more TPT returns, one with ADOR and another with the city or cities where the taxable activity occurred. The businesses need to only file one return for all taxing jurisdictions. In addition to collecting TPT payments, ADOR oversees all licensing and administering of TPT, saving participating cities hundreds of staff positions, according to the release.

“The Arizona Department of Revenue is focused on enhanced customer service and as part of the TPT program, we have expanded our education and outreach programs with businesses and program cities to ensure TPT is working the way it should,” Mr. Briant said.

The agency recently established a special phone hotline, 602-716-7368, and dedicated e-mail address, residentialrental@azdor.gov, for residential rental property owners required to have TPT licenses.

For more information on TPT and the ADOR, go to https://www.azdor.gov/TransactionPrivilegeTax(TPT).aspx. A reporting guide is at https://www.azdor.gov/TransactionPrivilegeTax(TPT)/ReportingGuide.aspx.

© 2017 Independent Newsmedia Inc. USA. All rights reserved.

 

 

 

Editorial Team

Our Editorial Team curates "news you can use" from hundreds of local newspapers, magazines, blogs and online sources, press releases, radio and TV news shows from around the world. We take great pride in being providing Daily Business Intelligence that's all business and no politics.