Fiscal Note
SB0035 - Sales and Use Tax Definitions Relating to Property
State Impact:
Enactment of this bill will increase revenue to the General Fund by $227,000 in FY 2010 and $252,000 in FY 2011. Revenue to the Critical Highway Needs Fund and the Transportation Investment Fund will equally increase by $1,200 in FY 2010 and $1,400 in FY 2011.
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 | $227,000 | $252,000 |
Transportation Fund Restricted | $0 | $0 | $0 | $0 | $2,400 | $2,800 |
Total | $0 | $0 | $0 | $0 | $229,400 | $254,800 |
Individual, Business and/or Local Impact:
Sales tax revenue to locals will increase by $97,000 in FY 2010 and $108,000 in FY 2011. Sales tax revenue paid by businesses will decrease by $2,832,000 in FY 2010 and $3,153,000 in FY 2011. Sales tax paid by individuals will increase by $3,059,000 in FY 2010 and $3,405,000 in FY 2011. The increase in sales tax is because consumers pay sales tax on the markup whereas businesses pay sales tax on a wholesale price.
1/27/2009, 10:36:30 AM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |