COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1289-04
Bill No.: HCS for SB 307
Subject: Property, Real and Personal
Type: Original
Date: April 16, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 to (Unknown) | $0 to (Unknown) | $0 to (Unknown) |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the Department of Revenue and State Tax Commission stated that this proposal, or similar proposals, would not have an administrative impact on their agencies.
Officials of the State Tax Commission also noted that there would be relatively few claims for refunds under terms of this proposal; however, one large claim for refund could have a significant impact upon the political subdivisions affected since they probably would already have spent the taxes paid in error.
Oversight assumes that the proposal's change in dates when taxes would be delinquent would not significantly affect local delinquency collections.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| POLITICAL SUBDIVISIONS | |||
| Cost - Additional Refunds and Credits | $0 to (Unknown) | $0 to (Unknown) | $0 to (Unknown) |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would change the date on which real and personal property taxes would be considered delinquent in those years when 31 December falls on a Sunday.
The proposal would also extend the time in which a taxpayer could apply for refunds or credits of overpaid real property taxes from one to three years. (Taxpayers would continue to have one year to apply for refunds or credits of personal property taxes.) The proposal would allow collectors of revenue to offset future distributions of property tax revenues to political subdivisions in an amount equal to any refund or credit granted.
DESCRIPTION (continued)
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal could affect Total State Revenue.
SOURCES OF INFORMATION
Department of Revenue
State Tax Commission
Jeanne Jarrett, CPA
Director
April 16, 2001