Home owner's tax credit-3.

08LSO-0280.L2

                                                         

FISCAL NOTE

This bill contains an appropriation of $4,100,000 from the GENERAL FUND to the Department of Revenue.  This appropriation is effective immediately.

 

 

FY 2009

FY 2010

FY 2011

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue (Decrease):

 

 

 

AD VALOREM TAX

(4,055,390)

0

0

Source of revenue decrease: Home owner's tax credit granted for property taxes imposed during calendar year 2008 (FY 2009).

 

Assumptions:

 

The above estimates are based in the following assumptions:

 

 

Home owner's tax credit is allowed during the fiscal year only if the legislature has appropriated funds to reimburse local governments for tax losses created by the credit.

 

Local governments are held harmless in FY 2009 by the appropriation in the bill. The total estimated revenue decrease is offset by the $4,100,000 appropriation, bringing the net impact to local governments to zero.

 

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

(Information provided by Marvin Applequist, DOR; 777-5235)