Fiscal Note
HB0415 - Taxation Amendments
State Impact:
Enactment of this bill reduces the general sales tax rate to 3.92%, which decreases revenue to the General Fund by $271,700,000 in FY 2010 and $277,134,000 in FY 2011. The bill eliminates certain credits, which increases one-time revenue to the Education Fund by $650,000,000 in FY 2010. The Tax Commission will require a one-time appropriation of $38,000 for new withholding booklets and postage.
Funding Source | FY 2009 Approp. | FY 2010 Approp. | FY 2011 Approp. | FY 2009 Revenue | FY 2010 Revenue | FY 2011 Revenue |
General Fund | $0 | $0 | $0 | $0 | ($271,700,000) | ($277,134,000) |
Education Fund, One-Time | $0 | $38,000 | $0 | $0 | $650,000,000 | $0 |
Total | $0 | $38,000 | $0 | $0 | $378,300,000 | ($277,134,000) |
Individual, Business and/or Local Impact:
Individuals and businesses experience a one-time increase in income tax liability and an ongoing decrease in sales tax liability. Local entities are likely unaffected.
2/27/2009, 3:18:52 PM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |