COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3936-03
Bill No.: Truly Agreed To and Finally Passed SS for SCS for SB 959
Subject: Taxation and Revenue - Income; Banks and Financial Institutions
Type: Original
Date: May 21, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| General Revenue | 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 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Economic Development-Community and Economic Development assume they could absorb the administrative costs associated with this proposal; however, the impact due to the income apportionment cannot be ascertained and is therefore currently unknown.
Officials from the Department of Economic Development - Division of Finance (DED-FIN) assume that this proposal does not add new income apportionment elections; it simply repeals by implication the annual review process and entitles companies to the election. DED-FIN assumes this proposal would have no discernible effect on state revenue.
Office of Administration - Division of Budget and Planning assume this proposal would decrease state revenue but incur no fiscal impact on their agency.
Department of Revenue, Department of Economic Development- Division of Credit Unions and Secretary of State assume no fiscal impact to their agency
| FISCAL IMPACT - State Government | FY 2003 | FY 2004 | FY 2005 |
| GENERAL REVENUE | |||
| Income-Department of Economic Development | |||
| Income apportionment | Unknown | Unknown | Unknown |
| ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDS |
Unknown |
Unknown |
Unknown |
| FISCAL IMPACT - Local Government | FY 2003 | FY 2004 | FY 2005 |
| $0 | $0 | $0 | |
FISCAL IMPACT - Small Business
Small business could be impacted due to possible change in corporate income tax
DESCRIPTION
This proposal authorizes the Department of Economic Development to issue an opinion regarding the certification status of nonresident investment funds service corporations.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. This proposal could increase state revenue.
SOURCES OF INFORMATION
Department of Insurance
Office of the Secretary of State
Department of Revenue
Office of Administration
Budget and Planning
Department of Economic Development
Division of Community and Economic Development
Division of Finance
Division of Credit Unions
Mickey Wilson, CPA
Acting Director
May 21, 2002