1.
Committee Business
·
Call
to order
·
Approval
of the minutes of the
2. Statutorily
Required Reports
The
committee has received several reports as required by statute. These reports
are the:
·
Water Infrastructure Funding Study
Report
3. State
Income Tax Amendments – Draft Legislation
This
draft legislation makes technical and administrative changes to the income tax
code including recommendations from the Tax Commission.
·
4. Income
Tax Credit Review Amendments – Draft Legislation
This
draft legislation extends the income tax credit review cycle from three years
to five years and provides a process for the Office of the Legislative Auditor
General to audit the income tax credits.
·
Committee staff
5. Sales
and Use Tax Act Amendments – Draft Legislation
This
draft legislation clarifies the amnesty period during which a seller or
certified service provider is not liable for failure to collect taxes due to an
error by the Tax Commission, and clarifies requirements related to the
reauthorization of certain local option sales taxes.
·
Committee staff
6. Property Tax Act Modifications – Draft Legislation
This draft legislation establishes an
application deadline for the residential property tax exemption, modifies the
contents of the residential property declaration signed by an owner of
residential property, clarifies the circumstances under which land that is
less than five acres in area may qualify for agricultural property tax
assessment, and clarifies a taxpayer's ability to appeal decisions related to
tax deferral and tax abatement to the Tax Commission.
·
Committee staff
7. Vehicle
Registration Modifications – Draft Legislation
This
draft legislation allows the Tax Commission to contract
with a designated agent to determine the address for which a vehicle's
insurance is tied, to assist the division in determining whether the owner is
a resident of this state, based on information provided by the designated
agent, allows the commission to investigate whether the owner is a resident
for vehicle registration purposes, and allows funds in the Uninsured Motorist
Identification Restricted Account to be used to cover
the costs of the designated agent for address verification.
·
Committee staff
8. Restaurant Tax Revisions – Draft Legislation
This
draft legislation updates the definition of restaurant
to include portions of the grocery store that function like a restaurant,
resulting in the restaurant tax being imposed on transactions from the
restaurant portion of the grocery store.
·
Senator Fillmore
9. Minimum Basic Program Amendments – Draft Legislation
This
draft legislation ensures state funding in an amount that covers the total cost
of the basic school
program for
a school district that imposes the combined minimum basic tax rate, requires
school districts that impose the combined minimum basic tax to remit to the
state the revenue the tax generates, and repeals provisions regarding state
and local contributions toward the basic school program.
·
Committee staff
10. Sales and Use Tax Remittance Amendments –
Draft Legislation
This
draft legislation repeals the requirement that a remote seller has to pay or
collect and remit the sales and use tax if the seller sells tangible personal
property, products transferred electronically, or services for storage, use,
or consumption in the state in more than a certain number of separate
transactions.
·
Committee staff
11. Tax Withholding Amendments – Draft
Legislation
This draft
legislation
modifies
withholding requirements for mineral producers and updates withholding
penalties for income tax withholding violations.
·
Committee staff
12. Precious Metals Investment and Administration
Amendments – Draft Legislation
This draft legislation allows
the state treasurer to deduct administrative costs for investing in precious
metals from earnings generated by the investments in certain funds.
·
Representative Ivory
13. Other Items/Adjourn