What percentage increase in Sales and Use Tax was effective from 07/01/2016 through 06/30/2017?

The effective sales and use tax increase during the specified period from July 1, 2016, through June 30, 2017, was 4.15%. This percentage reflects adjustments made to the tax rate to align with state budget requirements and funding needs. The increase is a critical factor for dealers to consider as it directly affects pricing, customer transactions, and compliance with tax collection regulations.

Understanding the accurate percentage of tax allows dealers to ensure that they are charging customers the correct amount, which is essential for maintaining proper records and avoiding potential fines or penalties related to tax discrepancies. This focus on compliance helps support the broader fiscal responsibilities of the state and local governments as well, as tax revenues play a vital role in funding public services and infrastructure.