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 SourceFY 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