|
State Impact:
This bill has a fiscal impact requiring an appropriation and enacting a tax credit which will affect Uniform School Fund revenue. A one-time FY 2001 nonlapsing
appropriation of $150,000 from the Workforce Services Special Administrative Expense Fund and an ongoing FY 2002 General Fund appropriation of $145,000 to the
Department of Workforce Services is required to implement the provisions of this bill. An appropriation to the Tax Commission of $33,700 from Uniform School Fund of
which $29,400 is one-time and $4,300 ongoing is required to start in FY 2002.
The bill enacts a tax credit which could result in a reduction of Uniform School Fund revenue up to $5,000,000 per year. It is estimated the first year loss of revenue
will be between $1 million and $2 million.
| Funding Source |
FY 01
Approp. |
FY 02
Approp. |
FY 03
Approp. |
FY 01
Revenue |
FY 02
Revenue |
FY 03
Revenue |
|
General Fund
|
$0
|
$145,000
|
$145,000
|
$0
|
$0
|
$0
|
|
Uniform School Fund
|
$0
|
$33,700
|
$4,300
|
$0
|
($1,500,000)
|
($5,000,000)
|
|
Restricted Funds
|
$150,000
|
$0
|
$0
|
$0
|
$0
|
$0
|
| TOTAL |
$150,000
|
$178,700
|
$149,300
|
$0
|
($1,500,000)
|
($5,000,000)
|
Individual and Business Impact:
Participating companies could realize a tax credit of up to $50,000 or more per year.
Office of the Legislative Fiscal Analyst
2/20/2001 2:12:08 PM
|
