Railroad rolling stock tax exemption.

14LSO-0291.L1

                                                         

FISCAL NOTE

 

 

FY 2015

FY 2016

FY 2017

NON-ADMINISTRATIVE IMPACT

 

 

 

Anticipated Revenue (Decrease):

 

 

 

GENERAL FUND            

0

(536,625)

(536,625)

LOCAL SOURCES FUND      

0

(475,870)

(475,870)

 

Source of revenue decrease:

 

Repeal of the sunset for the sales & use tax exemption for the repair, assembly, alteration or improvement of railroad rolling stock

 

Assumptions:

 

The above estimate is based upon the FY 2012 reported costs of this exemption and the statewide average sales & use tax distribution of 53 percent to the General Fund and 47 percent to local governments.  The total estimated revenue decrease is $1,012,495.  FY 2012 was the last year a survey of the industry was employed to obtain the costs associated with this exemption.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

(Information provided by Kim E. Lovett, Dept. of Revenue; 777-5220)