Fiscal Note
HB0391S01 - Public School Funding
State Impact:
Enactment of this bill would increase sales tax revenue to be allocated to schools by $614,000,000 in FY 2010. The bill increases sales tax for part of FY 2009. This increase is $292 million. This revenue would be distributed to the schools based on WPUs.
| Funding Source | FY 2008 Approp. | FY 2009 Approp. | FY 2010 Approp. | FY 2008 Revenue | FY 2009 Revenue | FY 2010 Revenue |
| Uniform School Fund | $0 | $0 | $614,000,000 | $0 | $292,000,000 | $614,000,000 |
| Property Tax | $0 | $0 | ($594,000,000) | $0 | $0 | ($594,000,000) |
| Total | $0 | $0 | $20,000,000 | $0 | $292,000,000 | $20,000,000 |
Individual, Business and/or Local Impact:
Enactment of this bill repeals certain property taxes imposed by school districts. Property tax is likely to decrease by $594,000,000 in FY 2010. Individuals and businesses will experience a property tax decrease and a sales tax increase. The effect on locals and school districts depends on the structure of the respective revenue sources and on the weighted pupil unit.
| 2/22/2008, 9:37:36 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |