COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4143-01
Bill No.: Perfected SB 989
Subject: Taxation and Revenue - Property; Cities, Towns and Villages; Counties
Type: Original
Date: February 27, 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 |
*Offsetting revenues and withholdings.
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the State Tax Commission assume this proposal would have no fiscal impact on their organization.
Officials from Cass County assume this proposal will increase their withholding from political subdivision tax collections for the assessment fund by $57,000-$60,000 per year.
Oversight assumes this proposal would have no fiscal impact on the state of Missouri. Oversight assumes this proposal would become effective on January 1, 2003, and Oversight assumes the estimate of $60,000 per year in additional withholdings from Cass County political subdivisions to the Cass County Assessment Fund is reasonable.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(12 Mo.) |
FY 2004 | FY 2005 |
| POLITICAL SUBDIVISIONS | |||
| Cass County | |||
| Revenues - assessment fund withholdings | $60,000 | $60,000 | $60,000 |
| Political subdivisions in Cass County | |||
| Assessment fund withholdings | ($60,000) | ($60,000) | ($60,000) |
| NET EFFECT ON POLITICAL SUBDIVISIONS |
$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 would authorize the expansion of certain assessment provisions for new home construction to include one additional county. New home construction in that county would become subject to pro-rata assessment for the first year of occupancy based on the portion of the year it became occupied as a residence.
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
State Tax Commission
Cass County
NOT RESPONDING
Department of Revenue
Mickey Wilson, CPA
Acting Director
February 27, 2002