SJR 035 - Fiscal Note

Fiscal Note - SJR 035 - Property Tax Reduction to Offset Excess Revenue Collections

L.R. NO.  3146-03
BILL NO.  SJR 35
SUBJECT:  Constitutional Amendment: Tax Limit
TYPE:     Original
DATE:     February 19, 1996



                              FISCAL SUMMARY
                    ESTIMATED NET EFFECT ON STATE FUNDS


FUND AFFECTED              FY 1997             FY 1998           FY 1999
General Revenue          ($25,100)                  $0                $0

Total Estimated
Net Effect on All
State Funds              ($25,100)                  $0                $0

                   ESTIMATED NET EFFECT ON FEDERAL FUNDS


FUND AFFECTED              FY 1997             FY 1998           FY 1999


Total Estimated
Net Effect on All
Federal Funds                   $0                  $0                $0

                    ESTIMATED NET EFFECT ON LOCAL FUNDS


FUND AFFECTED              FY 1997             FY 1998           FY 1999
Local Government                $0                  $0                $0


                              FISCAL ANALYSIS

ASSUMPTION

Officials of the State Tax Commission and the Department of Elementary and
Secondary Education stated that the proposal would not affect their agencies,
administratively.

Oversight assumes that amounts appropriated to the Public School Property Tax
Reduction fund would depend on amounts, if any, by which the revenue limits
in the Missouri Constitution were exceeded and if the General Assembly voted
to use the Fund as a refund mechanism.

Oversight also assumes that the General Assembly would pass enabling
legislation.

Advertisement costs for the proposal would be $1,220 per newspaper column
inch for the text of the proposal, the introduction, title, fiscal note
summary, and affidavit.  The proposal would be on the ballot for the November
1996 general election.

FISCAL IMPACT - State Government FY 1997   FY 1998   FY 1999

Cost to General Revenue Fund
  Secretary of State
  Newspaper Advertisements    ($ 25,100)


FISCAL IMPACT - Local Government FY 1997   FY 1998   FY 1999

                                      $0        $0        $0


DESCRIPTION

This proposal would provide an alternative mechanism for refunding revenues
collected in excess of the ceiling set by section 18 of article X of the
state constitution. The legislature could appropriate money to a Public
School Property Tax Reduction Fund which would be applied to reduce school
property taxes as provided by law.

This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.



SOURCES OF INFORMATION

Department of Elementary and Secondary Education
State Tax Commission