COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3802-01
Bill No.: SB 1043
Subject: Licenses - Motor Vehicle; Revenue Dept.
Type: Original
Date: February 16, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Highway Fund | $501,656 | $601,988 | $601,988 |
| Total Estimated
Net Effect on Other State Funds |
$501,656 | $601,988 | $601,988 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Local Government | $167,219 | $200,663 | $200,663 |
ASSUMPTION
Officials with the Department of Revenue (DOR) assume this proposal could have fiscal impact on their agency. This proposal requires all existing specialty plate applications (excluding military specialty license plates) to pay $25 (a net increase of $10 per set). Currently, there are approximately 160,530 specialty plates on the General Registration System (GRS). As approximately 50% of applicants choose biennial registration, the anticipated revenue from this increase is $802,650 per year.
FY 05 (10 months) Income
66,888 plate applications * $10 increase $668,880
FY 06 Income
80,265 plate applications * $10 increase $802,650
FY 07 Income
80,265 plate applications * $10 increase $802,650
ASSUMPTION (continued)
According to the Missouri Constitution, this revenue is to dispersed in the following manner:
State Road Fund 75%
Cities 15%
Counties 10%
This proposal would increase Total State Revenue.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| HIGHWAY FUND | |||
| Income-DOR | |||
| License Plate Fee | $501,656 | $601,988 | $601,988 |
| NET ESTIMATED EFFECT ON HIGHWAY FUND |
$501,656 |
$601,988 |
$601,988 |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| Income-Cities | |||
| License Plate Fee | $100,331 | $120,398 | $120,398 |
| Income-Counties | |||
| License Plate Fee | $66,888 | $80,265 | $80,265 |
| NET ESTIMATED EFFECT ON LOCAL FUNDS |
$167,219 |
$200,663 |
$200,663 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal creates a review process and stated criteria for the development of specialty license plates. It also raises specialty plate fees to $25.00.
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 Revenue
Mickey Wilson, CPA
Director
February 16, 2004