This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SJR 021 - Restricts Article X ("Hancock refunds") to individual taxpayers only
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 1288-01
BILL NO.: SJR 21
SUBJECT: Constitutional Amendments: Taxation and Revenue-Income Tax
TYPE: Original
DATE: February 6, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| General Revenue | $0 | ($61,600) | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 | ($61,600) | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| 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 of the Department of Revenue (DOR) and the State Treasurer (STO) stated that the proposal would not affect their offices or any sources of state or local funds.
DOR officials did note that about 60,000 corporations file income tax returns each year. In the event of future refunds there could be savings on the cost of mailing article X distributions.
Advertisement costs for the proposal would be $3,990 per newspaper column inch for three publications of the text of the proposal, the introduction, title, fiscal note summary, and affidavit. The proposal would be on the ballot for the November 2000 general election.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| Cost to General Revenue Fund | |||
| Secretary of State | |||
| Newspaper Advertisements | ($61,600) | ||
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Small Business | |||
| Corporate small businesses could be affected by this proposal. They would no longer be eligible for distributions under terms of article X of the state constitution. | |||
DESCRIPTION
This proposal would restrict distributions made under terms of section 18 of article X of the state constitution to individual income taxpayers. Currently any income taxpayer with state tax liability receives those distributions.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal would not affect Total State Revenues.
SOURCES OF INFORMATION
Department of Revenue
State Treasurer
Secretary of State
Jeanne Jarrett, CPA
Director
February 6, 1999