This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0159 - Authorizes contributions of cash and marketable securities for maternity home tax credit
SB 159 - Fiscal Note

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO.: 0517-03

BILL NO.: Truly Agreed and Finally Passed SCS for SB 159

SUBJECT: Children and Minors; Taxation and Revenue - General; Taxation and Revenue - Income

TYPE: Original

DATE: April 28, 1999


FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
None
Total Estimated

Net Effect on All

State Funds

$0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
None
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS

FUND AFFECTED FY 2000 FY 2001 FY 2002
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 Revenue, the Department of Public Safety, and the Department of Social Services assume this proposal would not fiscally impact their agencies.

Office of Administration (COA) officials state that allowing a donation to be stocks, etc., instead of cash does not reduce revenue because it was already assumed to be at the cap when the tax credit was created. Therefore, COA assumes no fiscal impact.



FISCAL IMPACT - State Government FY 2000 FY 2001 FY 2002
(10 Mo.)
$0 $0 $0
FISCAL IMPACT - Local Government FY 2000 FY 2001 FY 2002
(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

Current law authorizes a state income tax credit equal to fifty percent of cash contributions to qualified maternity homes and shelters for victims of domestic violence. This proposal would allow the credit to be taken for contributions of stock, other marketable securities, and real property. Maternity homes and shelters for victims of domestic violence would be permitted to decline any contribution.

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 Social Services

Department of Revenue

Office of Administration

Division of Budget and Planning

Department of Public Safety







Jeanne Jarrett, CPA

Director

April 28, 1999