Recent changes to Wisconsin sales tax legislation have increased the discount related to a retailer’s timely reporting and payment of sales taxes due.
Effective for taxes payable on or after October 1, 2023, a retailer may now deduct 0.75% of the total tax due, an increase from the prior discount of 0.50%. The discount’s limit has also been increased significantly, from a prior maximum of $1,000 to the new limit of $8,000.
More information on the new sales tax discount rules is available in the July issue of the Wisconsin Department of Revenue’s monthly newsletter, Wisconsin Tax Bulletin.
https://www.revenue.wi.gov/WisconsinTaxBulletin/222-07-23-WTB.pdf
