COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4505-01
Bill No.: SB 1203
Subject: Taxation and Revenue - Property; Taxation and Revenue - Sales and Use; Kansas City; Economic Development
Type: Original
Date: March 7, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Blind Pension | (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 | (Unknown) | (Unknown) | (Unknown) |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
ASSUMPTION
Officials from the Department of Revenue assume this proposal would have no fiscal impact to their organization.
Officials from the State Tax Commission, the City of Kansas City, Jackson County, St. Louis County, the City of St. Louis, Bi-State Development Agency, and the Kansas City Area Transportation Authority did not respond to this proposal.
In response to a similar proposal, officials from the Office of the State Auditor, Department of Transportation, and the Department of Economic Development, Division of Motor Carrier and Railway Safety, assume no fiscal impact to their organizations.
In response to a similar proposal, officials from the State Tax Commission assume they are unable to estimate the fiscal impact to the Blind Pension Fund or to political subdivisions because they have no information on what areas have transportation districts, no idea of knowing how much personal property they currently hold, nor any way of estimating how many of these districts would opt in and to what extent.
Oversight assumes there would be an unknown fiscal impact to certain political subdivisions where property subject to this proposal is located. The state's Blind Pension Fund would also be impacted, by approximately one-half of one percent of the political subdivision impact. This proposal would also affect total state revenue by the amount of the Blind Pension Fund impact.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| BLIND PENSION FUND | |||
| Loss - reduction in property tax revenues | (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 - reduction in property tax revenues | (Unknown) | (Unknown) | (Unknown) |
| ESTIMATED NET EFFECT ON POLITICAL SUBDIVISIONS |
(Unknown) |
(Unknown) |
(Unknown) |
FISCAL IMPACT - Small Business
This proposal would have a fiscal impact on small businesses which lease equipment to the interstate compact agencies.
DESCRIPTION
This proposal would create a tax exemption for qualified transactions involving property leased or transferred by certain interstate compact agencies.
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
NOT RESPONDING
State Tax Commission
City of Kansas City
Jackson County
St. Louis County
City of St. Louis
Bi-State Development Agency
Kansas City Area Transportation Authority
Mickey Wilson, CPA
Acting Director
March 7, 2002