Senate Sponsors: RAUSCHENBERGER. Short description: TELE EXCISE TX-DISCOUNT Synopsis of Bill as introduced: Amends the Telecommunications Excise Tax Act. Provides that for bills issued after January 30, 1998, the tax is imposed at a rate of 7% (now beginning January 1, 1998 the tax is imposed at a rate of 7%). Provides that beginning January 1, 1999, retailers collecting the tax imposed under the Act shall remit the amount of the tax due less a .5% discount, which is allowed to reimburse the retailer for expenses incurred in keeping records, preparing and filing returns, remitting the tax, and supplying data to the Department on request. Provides that the moneys retained by the retailers as a discount shall be deducted exclusively from the General Revenue Fund and shall not diminish revenues to the Common School Fund or the School Infrastructure Fund. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status