Bracket System Law and Legal Definition
Bracket system is a method adopted to collect sales tax based on an index provided for a graduated payment depending upon the purchase price of an item. The purpose of this system is:
1. to avoid having the seller collect a tax less than one cent;
2. to avoid requiring the state to figure the exact amount of tax on each sale;
3. to allow the seller to have a ready means for fixing the tax to be collected; and
4. to allow the state to collect about the right amount of tax.
Legal Definition list
Related Legal Terms
- 9-1-1 System
- Accelerated Cost Recovery System
- Active Solar System
- Actuarially Sound Retirement System
- Adaptive Ecosystem Management
- Administrative Governor [Federal Reserve System]
- Adoption and Foster Care Analysis and Reporting System (AFCARS)
- Advanced Automobile Propulsion System
- Advanced Truck Stop Electrification System
- Adversarial System
