Lafayette Consolidated Council Considers Ending Vendor Commissions – Lafayette Live
Before trying to collect new taxes, why not collect all the taxes we currently have on the books right now? That's what Lafayette City Council members are wondering as they discuss the possibility of discontinuing vendor commissions.
Lafayette City-Parish President Joey Durel stopped by “Mornings with Ken and Bernie” today for his weekly “Lafayette Live” segment to discuss vendor commissions and the potential impact of their removal.
Vendor commissions are essentially an incentive for businesses to pay their taxes on time, as well as a thank you for businesses collecting the city's retail taxes, explained Durel. If businesses pay by a predetermined date, they'll get a small percentage of the 2% they owe to the city back, usually around 1-2%.
It's not something that will make or break a retailer. It's not money that will decide whether or not someone will go into business or not.
Vendor taxes do not affect all businesses equally. For big ticket retail items like cars and other vehicles, vendor commission can yield a much higher return.
The discussion of vendor commissions is still ongoing and the council has not yet voted on the matter.
Click the play button below for the full interview: