COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4002-03
Bill No.: SB 1395
Subject: Taxation and Revenue - General: Arts and Entertainers
Type: Original
Date: March 25, 2004
FISCAL SUMMARY
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| General Revenue | $0 | $0 to (Unknown) | $0 to (Unknown) |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 to (Unknown) | $0 to (Unknown) |
| FUND AFFECTED | FY 2005 | FY 2006 | FY 2007 |
| Missouri Arts Council Trust | $0 | $0 to Unknown | $0 to Unknown |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 to Unknown | $0 to Unknown |
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 | $0 | $0 | $0 |
ASSUMPTION
Officials from the Department of Economic Development - Missouri Arts Council, the Department of Revenue and the State Treasurer stated that the proposal would not affect their agencies, administratively.
Oversight notes that transfers from the General Revenue Fund to the Missouri Arts Council Trust Fund were $4,974,655 in FY 2000, $5,194,060 in FY 2001, and $2,597,030 in FY 2002. There were no transfers from the General Revenue Fund to the Trust Fund in FY 2003 or FY 2004. HB 1007 from this session does not have a line item for such a transfer in FY 2005.
For fiscal note purposes, Oversight will show costs of zero ($0) to (Unknown) to the General Revenue Fund and corresponding gains to the Missouri Arts Council Trust Fund to reflect the possibility that if the estimate of income tax collected from athletes and entertainers were to exceed $16,666,667 the Trust Fund would receive more money than is allowed under current law and the General Revenue Fund would retain less.
| FISCAL IMPACT - State Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| GENERAL REVENUE FUND | |||
| Cost - Increased Transfers to the Missouri Arts Council Trust Fund | $0 | $0 to (Unknown) | $0 to (Unknown) |
| ESTIMATED NET EFFECT ON GENERAL REVENUE FUND |
$0 |
$0 to (Unknown) | $0 to (Unknown) |
| MISSOURI ARTS COUNCIL TRUST FUND | |||
| Income - Increased Transfers from the General Revenue Fund | $0 | $0 to Unknown | $0 to Unknown |
| ESTIMATED NET EFFECT ON MISSOURI ARTS COUNCIL TRUST FUND |
$0 |
$0 to Unknown |
$0 to Unknown |
| FISCAL IMPACT - Local Government | FY 2005
(10 Mo.) |
FY 2006 | FY 2007 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would remove the provision of section 144.183 (the arts and entertainers tax law) which provides that the Missouri Arts Council not be appropriated more than ten million dollars in any fiscal year.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. This proposal would not affect Total State Revenue.
SOURCES OF INFORMATION
Department of Economic Development - Missouri Arts Council
Department of Revenue
State Treasurer
Mickey Wilson, CPA
Director
March 25, 2004