Fiscal Note
HB0123S02 - Tax Revisions
State Impact:
Enactment of this bill could reduce the General Fund by $77,707,000 in FY 2008 and by $80,816,000 in FY 2009. There is an estimated Education Fund loss of $120,018,000 in FY 2008 and a loss of $129,067,000 in FY 2009. There is also a one-time loss to the Education Fund of $30,004,500 as a result of the retroctive implementation of the income tax changes. The Tax Commission will require a one-time appropriation of $33,300 in FY 2008 to implement the provisions of the bill.
| Funding Source | FY 2007 Approp. | FY 2008 Approp. | FY 2009 Approp. | FY 2007 Revenue | FY 2008 Revenue | FY 2009 Revenue |
| General Fund | $0 | $33,300 | $0 | $0 | ($77,707,000) | ($80,816,000) |
| Education Fund | $0 | $0 | $0 | $0 | ($120,018,000) | ($129,067,000) |
| Education Fund, One-Time | $0 | $0 | $0 | $0 | ($30,004,500) | $0 |
| Total | $0 | $33,300 | $0 | $0 | ($227,729,500) | ($209,883,000) |
Individual, Business and/or Local Impact:
The individual impact related to the income tax changes will be dependent upon filing status, income levels, and deductions claimed. The average impact as a result of the food tax change would be approximately $29 per person.
| 2/13/2007, 4:22:49 PM, Lead Analyst: Wilko, A. | Office of the Legislative Fiscal Analyst |