COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2787-01
Bill No.: SB 750
Subject: Motor Vehicles, Revenue Department, Taxation and Revenue - General, Taxation and Revenue - Sales and Use
Type: Original
Date: January 7, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Revenue (DOR) did not respond, but indicated in a similar proposal, SB 140 for FY 2001, that the proposal would not have a fiscal impact on their agency.
Officials from the Department of Highway and Transportation indicated they were unable to provide an estimate for this proposal, therefore must rely upon the DOR's response.
Officials from the Division of Budgeting and Planning state this proposed legislation would not result in additional costs or savings the their division, but there would be an increase in total state revenue. They defer to the DOR for revenue estimates.
Oversight assumes that the proposal would have no fiscal impact.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $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 specifies that articles used in a trade-in to offset sales tax must have had sales tax paid or been exempted from sales tax.
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
Department of Highway and Transportation
Division of Budget and Planning
Mickey Wilson, CPA
Acting Director
January 7, 2002