COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 2814-01
BILL NO.: SB 762
SUBJECT: State Tax Commission: Taxation and Revenue - Property
TYPE: Original
DATE: January 27, 2000
FISCAL SUMMARY
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
| Local Government | (Unknown) | (Unknown) | (Unknown) |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Economic Development, the State Courts Administrator, and the State Tax Commission (TAX) stated that the proposals would not materially affect their agencies.
TAX officials noted that there could be loss of personal property tax revenue, but would not expect it to be significant in any given year.
| FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
| POLITICAL SUBDIVISIONS | |||
| Cost - Decreased Property Tax | (Unknown) | (Unknown) | (Unknown) |
FISCAL IMPACT - Small Business
Small businesses which are fabricators or stampers could be affected by this proposal.
DESCRIPTION
This proposal would exempt some dies and stamping machines from personal property tax and govern transfers of ownership of some dies and stamping machines.
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
State Tax Commission
Jeanne Jarrett, CPA
Director
January 27, 2000