Sales tax distributions.

03LSO-0334.L1

                                                         

FISCAL NOTE (HB0156)

 

 

	FY 2004	FY 2005	FY 2006
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Increase (Decrease):
GENERAL FUND	(6,761,000)	0	0
LOCAL SOURCES FUND	6,761,000	0	0

 

Source of revenue increase and decrease:

 

Amending the distribution of sales and use tax from 70.5% state and 29.5% locals to 69% state and 31% locals for fiscal year 2004.

 

Assumptions:

 

1. The above estimates are based on October 2002 CREG projections.

 

2. The above estimates include the impact of 1% of local source funds credited to the General Fund for administration.

 

3. No adjustment is made for the potential 0.5% reduction in sales and use tax.

 

4. The percentage of the total sales and use tax distributed from the remaining local share to the counties changes from 0.5% to 1.0% for fiscal year 2004. The change in this percentage will increase this distribution by roughly $2.3 million in FY 2004.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prepared by:   Dean Temte, LSO    Phone:   777-7881