Fiscal Note
SB0248S01 - Tax Amendments
State Impact:
Enactment of this bill allows the Tax Commission to keep up to 1.5% of the amount collected to cover costs of collection. Currently, the amount kept for administration is 0.8%. This would increase revenue to the Sales & Use Tax Administration Fee Account by $34,100 in FY 2010 and $34,900 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 Restricted | $0 | $34,100 | $34,900 | $0 | $0 | $0 |
| Total | $0 | $34,100 | $34,900 | $0 | $0 | $0 |
Individual, Business and/or Local Impact:
Depending upon the actions of the taxing entities, individuals and businesses could experience a sales tax increase of $4,260,000 in FY 2010 and $4,360,000 in FY 2011. Local taxing entities will have more options available for infrastructure financing.
| 3/12/2009, 4:32:32 PM, Lead Analyst: Young, T. | Office of the Legislative Fiscal Analyst |