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News: IRA News

Soda Tax in Effect Aug. 2; Sam Toia Talks Negative Impact of Tax on CBS2

Monday, July 31, 2017   (0 Comments)
Posted by: Matt Quinn
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On Friday, the Cook County Sweetened Beverage Tax was cleared to go into effect by a Cook County judge. The County announced the Sweetened Beverage Tax will now go into effect for retailers on Wednesday, August 2.

The previously established rules and regulations for the tax are now in effect. Retailers must begin to administer and remit the tax starting on Wednesday, August 2. What Happens Next In Regulation-5, the Department of Revenue established that retailers must take inventory of the sweetened beverages in their possession for sale on Tuesday, August 1. The "floor tax" on this inventory must be remitted to the Department of Revenue along with the floor tax return by Wednesday, September 20. Click here to obtain the floor tax return.

IRA President & CEO Sam Toia spoke with CBS2 about the severe negative impact the tax will have on consumers and the restaurant industry overall. Click here to watch the segment. 


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