 | Fiscal NoteS.B. 169 2024 General Session Military Installation Development Authority Modifications by Stevenson, J |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(421,800) | $0 | $(421,800) |
| Revenues | FY 2024 | FY 2025 | FY 2026 |
| Total Revenues | $0 | $0 | $0 |
To the extent that Military Installation Development Authority imposes the accommodations tax on privately owned property, enactment of this legislation could forgo future state sales and use tax by $258,500 annually based on an estimated $5,000,000 in qualifying accommodation and service sales.
| Expenditures | FY 2024 | FY 2025 | FY 2026 |
| Uniform School Fund | $0 | $421,800 | $421,800 |
| Total Expenditures | $0 | $421,800 | $421,800 |
Enactment of this legislation could cost the Basic School Program $421,800 ongoing in FY 2025 from the Uniform School Fund to backfill lost Basic Levy property tax revenue allocated to the Military Installation Development Authority.
| FY 2024 | FY 2025 | FY 2026 | |
| Net All Funds (rev-exp) | $0 | $(421,800) | $(421,800) |
Enactment of this legislation could increase sales tax revenue for the Military Installation Development Authority (MIDA) by an estimated $23,500 annually from imposing an additional resort communities sales tax of 0.5%. To the extent that MIDA imposes the accommodations tax on privately owned property, enactment of this legislation could reduce local sales and use tax by $125,000 annually and increase MIDA''s accommodations tax revenue by $537,500 annually for every $5,000,000 in qualifying accommodation and service sales. This aggregate amount is unknown. To the extent that MIDA can meet its bonded debt obligations, enactment of this legislation could allow MIDA to return a portion of the estimated $1,990,500 in property tax allocation MIDA may receive from a school district property tax levied on a MIDA project area. This aggregate amount is unknown.
Enactment of this legislation could increase sales tax costs for businesses and individuals in aggregate by an estimated $23,500 annually for purchases in areas of the state subject to an additional resort communities sales tax of 0.5%. To the extent that the MIDA board imposes an accommodations tax on privately owned property, businesses or individuals making qualifying purchases could pay an additional $154,000 annually in taxes for every $5,000,000 in qualified purchases. This aggregate amount is unknown.