Archive November 2019
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Special Inventory Tax (VIT) ReminderTIADA recently received several calls regarding penalties for late or missing special inventory tax payments. As government budgets continue to face funding pressure, many local county tax assessor collectors are being courted by third party law firms to outsource their special inventory tax penalty collections. The result of outside collection firms may limit a dealer’s ability to seek waived or reduced fines, penalties, and interest. Remember, monthly reports for special inventory tax payments are due EVERY month….even if a dealer doesn’t sell any vehicles.
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TDLR Adopts Rules to Allow More Dealers to Offer In-House Service ContractsOn Tuesday November 5, 2019 the Board of the Texas Department of Licensing and Regulation (TDLR) convened to adopt and revise rules relating to service contract providers. The proposed rules are necessary to implement House Bill (HB) 4120 (Lucio III) of the 86th Legislature (2019 Regular Session), which amends Chapter 1304 of the Occupations Code by allowing service contract providers, who are automobile dealers offering service contracts on vehicles that they sell, to reduce the financial security deposit (aka "funded reserve") amount of $250,000 to a minimum of $25,000, $50,000, or $75,000 depending on the provider's annual gross revenue in this state from the sale of service contracts during the preceding year.
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