N.J. Admin. Code § 18:24-2.9

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:24-2.9 - Direct payment permit holder's records

(a) A seller who is the holder of a valid Direct Payment Permit, issued under the provisions of 54:32B-12(b), is required to maintain and retain all records required by this subchapter for a period of four years after the filing date for the quarterly filing period to which such records pertain.

(b) A holder of a Direct Payment Permit may not dispose of sales slips, invoices, receipts, statements, memoranda of price, detailed cash register tapes, guest checks, individual or summary sales or purchase records, or any other record of sale, purchase, or use prior to the expiration of a period of four years after the filing date for the quarterly filing period to which such records pertain.

(c) A holder of a valid Direct Payment Permit shall maintain, in addition to all other records required by this subchapter, records that disclose the following:

1. The amount of every purchase, the name and address of the seller from whom the purchase was made, a description of the property purchased, and the exact date of the purchase and payment (if payment is made on a date different from the purchase date);

2. The date upon which purchased property was put to use, whether or not such use was taxable, the amount of the property put to use, and a detailed description of the property put to use and a detailed description of such use;

3. The sales tax reporting period during which tax or deduction was reported on all purchases;

4. Summary records, maintained by calendar quarter, including:

1st Quarter	JAN.	FEB.	MAR.
2nd Quarter	APR.	MAY	JUN.
3rd Quarter	JUL.	AUG.	SEP.
4th Quarter	OCT.	NOV.	DEC.

which records shall include quarterly summaries of:

i. Purchases;

ii. Taxable uses;

iii. Nontaxable uses (including taxable purchases upon which tax has been paid);

iv. Tax paid; and

v. Effective rate of tax paid on taxable uses, if applicable.

(d) A holder of a valid Direct Payment Permit is ineligible for any reduced record retention, except upon written determination of the Director. Such determination may be conditioned upon the seller's willingness to extend the period for assessing prior tax liabilities.

(e) A holder of a valid Direct Payment Permit who wishes to surrender such permit may not do so without prior written permission of the Director. Determinations in such matters will be conditioned upon:

1. The payment record of the permit holder;

2. The present liquidity of the permit holder's business; and

3. The seller's willingness to extend the period for assessing prior tax liabilities.

N.J. Admin. Code § 18:24-2.9

Amended by 48 N.J.R. 824(a), effective 5/16/2016