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Fiscal NoteH.B. 185 2020 General Session Tax Restructuring Revisions - Repeal by Gibson, F |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/EF/USF (rev.-exp.) | $213,735,000 | $70,082,000 | $283,817,000 |
| Revenues | FY 2020 | FY 2021 | FY 2022 |
| General Fund | $0 | $(525,150,000) | $(525,150,000) |
| General Fund, One-time | $(54,013,000) | $26,930,000 | $0 |
| Education Fund | $0 | $680,535,000 | $680,535,000 |
| Education Fund, One-time | $138,200,000 | $(41,535,000) | $0 |
| Transportation Investment Fund of 2005 | $(23,600,000) | $(34,130,000) | $(35,700,000) |
| Local Hwy & Transp Corridor Preservation Fund | $(700,000) | $(4,500,000) | $(4,800,000) |
| Total Revenues | $59,887,000 | $102,150,000 | $114,885,000 |
Enactment of this bill increases net tax revenue by about $160 million in FY 2021 and $173 million ongoing beginning in FY 2022 by reversing tax changes contained in Tax Restructuring Revisions (SB2001, 2019 Second Special Session.) . It also eliminates any one-time revenue reductions associated with rebates authorized in SB 2001. Finally, it reverses several earmark changes that would have moved revenue among funds and accounts including the Transportation Investment Fund, the Liquor Control Fund, and the General Fund.
| Expenditures | FY 2020 | FY 2021 | FY 2022 |
| General Fund | $0 | $(391,026,700) | $(391,026,700) |
| General Fund, One-time | $(500,000) | $0 | $0 |
| Education Fund | $0 | $332,676,700 | $332,676,700 |
| Transportation Investment Fund of 2005 | $0 | $(5,000,000) | $(5,000,000) |
| Dedicated Credits Revenue | $0 | $39,275,700 | $39,275,700 |
| Restricted Accounts (FN Only) | $0 | $1,751,000 | $1,751,000 |
| Total Expenditures | $(500,000) | $(22,323,300) | $(22,323,300) |
Enactment of this bill has the effect of reversing all appropriations made in Tax Restructuring Revisions (SB 2001, 2019 Second Special Session).
| FY 2020 | FY 2021 | FY 2022 | |
| Net All Funds (rev-exp) | $60,387,000 | $124,473,300 | $137,208,300 |
By eliminating the potential sales tax on some services and reinstating certain sales tax exemptions, this bill forgoes revenue to local governments by $4.0 million in FY 2020, $24.4 million in FY 2021, and $25.4 million in FY 2022.
Enactment of this bill decreases income and sales tax liability on businesses by $28 million in FY 2021. It increases state and local tax liability for individuals by $164 million in FY 2021. The average net tax change for a household is a $152 tax increase in FY 2021.
No performance note required for this bill