Fiscal Note - SB 0417 - Refund of Excess Revenue Under Hancock Amendment
L.R. NO. 1666-01
BILL NO. SB 417
SUBJECT: Taxation and Revenue - Income
TYPE: Original
DATE: February 25, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
General Revenue $0 $0 $11,411
Total Estimated
Net Effect on All
State Funds $0 $0 $11,411
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Revenue (DOR) state the proposal would require
modifications to the individual income tax systems (manual and computer),
forms and schedules. Modifications would be made with existing resources.
The Information Systems Division would need a Data Entry Operator for six
months each year due to the credit information which would have to be entered
from each individual income tax return.
Oversight assumes: 1) the proposal would not go into effect until passage of
a constitutional amendment allowing a different form of refund than that
mandated in section 18 of article X of the state constitution, 2) The Office
of Administration would certify an excess of total state revenues for FY 99,
and 3) credits could be taken on individual income tax returns for 1999.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
GENERAL REVENUE FUND
Cost to Department of Revenue (DOR)
Personal Service (.5 FTE) $0 $0 $8,878
Fringe Benefits 0 0 2,533
Expense and Equipment 0 0 0
Administrative costs to DOR $0 $0 ($11,411)
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
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 provide for "excess" state revenues to be returned to
taxpayers via an income tax credit based on the amount of excess revenues and
the number of personal and dependency exemptions available to taxpayers.
This legislation is not federally mandated, would not duplicate any other
program, would not require additional capital improvements or rental space,
and would not affect total state revenue.
SOURCES OF INFORMATION
Department of Revenue
This Fiscal Note is not an official copy and should not be quoted or cited.