Fiscal Note
SB0151 - Collection, Remittance, and Retention of Certain Taxes, Fees, or Charges
State Impact:
By reducing the amount businesses may keep for sales tax collection and requiring more frequent remittance, this bill increases ongoing revenue to the General Fund by $11,066,600 in FY 2011 and $22,885,700 in FY 2012. Also, due to the earlier filing, there is a one-time shift of $18,715,900 in FY 2011.
| Funding Source | FY 2010 Approp. | FY 2011 Approp. | FY 2012 Approp. | FY 2010 Revenue | FY 2011 Revenue | FY 2012 Revenue |
| General Fund | $0 | $0 | $0 | $0 | $11,066,600 | $22,885,700 |
| General Fund, One-Time | $0 | $0 | $0 | $0 | $18,715,900 | $0 |
| Total | $0 | $0 | $0 | $0 | $29,782,500 | $22,885,700 |
Individual, Business and/or Local Impact:
Businesses will no longer be allowed to keep up to 1.31% of the sales tax collected. Because of this, businesses experience a decrease in revenue of $22,885,700 in FY 2012. Certain businesses may experience increased compliance costs by being required to file monthly returns instead of quarterly returns. Local governments could experience an increase in revenue of $12,800,100 in FY 2011 and $9,835,900 in FY 2012. Individuals are unaffected.
| 2/16/2010, 10:52:26 AM, Lead Analyst: Young, T./Attny: RLR | Office of the Legislative Fiscal Analyst |