This bill amends existing tax law to allow purchasers, transferees, and assignees involved in bulk sale transactions to submit required notifications electronically to the Division of Taxation. It mandates the establishment of an Internet-based system that will enable users to submit notifications, receive confirmation of submission, and obtain information regarding potential claims for state taxes. The electronic system must be operational within one year of the bill's effective date. Additionally, the bill modifies the notification process, requiring that notifications be sent at least 10 days before possession or payment occurs, and clarifies the liability of purchasers in cases where notifications are not properly submitted.

The legislation aims to modernize the bulk sale notification process by replacing the current requirement for notifications to be sent via registered mail or other prescribed methods. By allowing electronic submissions, the bill seeks to streamline the process, making it more efficient and user-friendly for those involved in bulk sales. The director is also granted the authority to adopt necessary rules and regulations to implement these changes effectively.

Statutes affected:
Introduced: 54:32B-22, 54:50-38