COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3150-01
Bill No.: SB 773
Subject: Taxation & Revenue-General; Political Subdivisions; Charities; Cities, Towns & Villages; Counties
Type: Original
Date: January 4, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Blind Pension Fund | (Unknown) | (Unknown) | (Unknown) |
| Total Estimated
Net Effect on All State Funds |
(Unknown) |
(Unknown) |
(Unknown) |
| 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 |
| Political Subdivisions | (Unknown) | (Unknown) | (Unknown) |
| Local Government | (Unknown) | (Unknown) | (Unknown) |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Office of Administration and the Department of Revenue assume there would be no fiscal impact to their organization.
Officials from the State Tax Commission assume there would be no fiscal impact to their organization, however, they estimate there would be a significant but unknown negative impact on local government revenues, particularly in Cole and Boone Counties. They also assume there could be an unknown negative impact on the Blind Pension Fund.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| BLIND PENSION FUND | |||
| Loss - Reduced Property Tax | (Unknown) | (Unknown) | (Unknown) |
| ESTIMATED NET EFFECT ON BLIND PENSION FUND |
(Unknown) |
(Unknown) |
(Unknown) |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| Political Subdivisions - | |||
| Loss - Reduced Property Tax | (Unknown) | (Unknown) | (Unknown) |
| ESTIMATED NET EFFECT ON POLITICAL SUBDIVISIONS |
(Unknown) |
(Unknown) |
(Unknown) |
FISCAL IMPACT - Small Business
Small businesses which lease tangible personal property to government entities, schools, and charitable organizations would benefit from this proposal.
DESCRIPTION
This proposal would exempt from state, county, or local taxation any property leased for a period of at least one year to this state, any city, county or political subdivision; or to any educational, charitable, fraternal, religious, service or veterans' organization which has obtained an exemption from the payment of federal income taxes, provided such property is actually and regularly used exclusively for religious worship, for schools and colleges, or for purposes purely charitable.
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
Office of Administration
State Tax Commission
Department of Revenue
Mickey Wilson, CPA
Acting Director
January 4, 2002