Fiscal Note
SB0092S01 - Amendments to Revenue and Taxation Title
State Impact:
Enactment of this bill increases one-time revenue to the Education Fund by $110,596,400 in FY 2011 and decreases revenue to the Education Fund on an ongoing basis by $6,992,000 in FY 2011 and $6,740,100 in FY 2012. The Tax Commission requires $330,000 in FY 2011 for one-time programming costs and $30,000 ongoing for processing and compliance.
| Funding Source | FY 2010 Approp. | FY 2011 Approp. | FY 2012 Approp. | FY 2010 Revenue | FY 2011 Revenue | FY 2012 Revenue |
| Education Fund | $0 | $30,000 | $30,000 | $0 | ($6,992,000) | ($6,740,100) |
| Education Fund, One-Time | $0 | $330,000 | $0 | $0 | $110,596,400 | $0 |
| Total | $0 | $360,000 | $30,000 | $0 | $103,604,400 | ($6,740,100) |
Individual, Business and/or Local Impact:
Individuals with an expected end of year tax payment of over $1,000 will be required to file quarterly payments; certain qualifying individuals and businesses will experience a decrease in tax penalties of $6,740,100 in FY 2012. Local governments are unaffected.
| 1/29/2010, 7:30:28 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |