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Fiscal NoteS.B. 93 1st Sub. (Green) 2022 General Session Business Tax Amendments by Fillmore, L (Fillmore, Lincoln.) |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/EF/USF (rev.-exp.) | $(3,375,000) | $525,000 | $(2,850,000) |
| Revenues | FY 2022 | FY 2023 | FY 2024 |
| General Fund | $0 | $(3,375,000) | $(3,375,000) |
| General Fund, One-time | $0 | $525,000 | $0 |
| Restricted Accounts (FN Only) | $0 | $(950,000) | $(1,125,000) |
| Total Revenues | $0 | $(3,800,000) | $(4,500,000) |
Enactment of this legislation could reduce state tax revenues by approximately $3.8 million one-time in FY2023 and $4.5 million ongoing beginning in FY2024. The impact would be distributed as follows: General Fund reduction of $2.9 million one-time in FY2023 and $3.4 million ongoing in FY2024; sales tax earmarks (restricted accounts) reduction of $950,000 one-time in FY2023 and $1.1 million ongoing beginning in FY2024.
| Expenditures | FY 2022 | FY 2023 | FY 2024 |
| Total Expenditures | $0 | $0 | $0 |
Enactment of this legislation likely will not materially impact state expenditures.
| FY 2022 | FY 2023 | FY 2024 | |
| Net All Funds (rev-exp) | $0 | $(3,800,000) | $(4,500,000) |
Enactment of this legislation could reduce local government sales tax revenues by approximately $1.9 million in FY2023 and $2.2 million in FY2024 due to new sales tax exemptions.
Enactment of this legislation could result in a statewide property tax shift of approximately $5.2 million. This would represent an average tax shift to a $350,000 home of $3.10. This may represent an average tax shift to a $1,000,000 business with little to no eligible supply personal property of $16.10. It would represent an average savings to business with eligible supply property of up to $56.87 per $5,000 of exempt supply personal property. Additionally, enactment of this legislation could reduce individual and business tax liability by approximately $5.7 million in FY2023 and $6.7 million in FY2024.