SB 0517 - Fiscal Note

Fiscal Note - SB 0517 - Changes requirements for the formation of housing cooperatives

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 2486-01

BILL NO. Perfected SB 517

SUBJECT: Housing; Cooperatives

TYPE: Original

DATE: March 4, 1998

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
None
Total Estimated Net Effect on All State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
None
Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
Local Government	$0	$0	$0

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 3 pages.

FISCAL ANALYSIS

ASSUMPTION

Officials from the Department of Agriculture (AGR) and the Office of the Secretary of State (SOS) assume the proposed legislation would have no fiscal impact on their agencies.

Oversight assumes there would be no local fiscal impact.

FISCAL IMPACT - State Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
	0	0	0
FISCAL IMPACT - Local Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
	0	0	0
FISCAL IMPACT - Small Business

No direct fiscal impact to small businesses would be expected as a result of this proposal.

DESCRIPTION

The proposed legislation would relate to housing cooperatives and would allow five or more people to associate as a cooperative for the purpose of producing or furnishing housing. No shareholder or such a cooperative may own more than 20% of the aggregate stock and the cooperative would be exempted from the use of the funds restriction found in Section 357.150, RSMo.

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 Agriculture

Office of the Secretary of State

Jeanne Jarrett, CPA

Director

March 4, 1998