This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0691 - Restores sales tax exemption for sales by university book- stores
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3258-01
BILL NO. SB 691
SUBJECT: Education, Higher; Revenue Dept.; Taxation and Revenue-General-Sales and Use
TYPE: Original
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 General Revenue
(unknown)
(unknown)
(unknown) School District Trust
(unknown)
(unknown)
(unknown) Conservation
(unknown)
(unknown)
(unknown) Parks and Soil
(unknown)
(unknown)
(unknown) Total Estimated
(unknown)
(unknown)
(unknown)
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | (unknown) | (unknown) | (unknown) |
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Revenue (DOR) state this proposal would restore the sales tax exemption for college bookstores. This change would be handled with existing resources. The amount of revenue loss is unknown; however, the amount of such loss is not anticipated to be great.
This proposal would result in a decrease in Total State Revenues.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| Loss to State Funds: | |||
| General Revenue Fund | (unknown) | (unknown) | (unknown) |
| School District Trust Fund | (unknown) | (unknown) | (unknown) |
| Conservation Sales Tax Fund | (unknown) | (unknown) | (unknown) |
| Parks and Soil Sales Tax Fund | (unknown) | (unknown) | (unknown) |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| Loss to Political Subdivisions | (unknown) | (unknown) | (unknown) |
FISCAL IMPACT - Small Business
Small businesses (college bookstores) would be expected to be fiscally impacted to the extent that their administrative costs from collecting sales taxes would be reduced.
DESCRIPTION
This act restores the sales tax exemption for sales by institutions of higher education in retail establishments, such as university bookstores.
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
Jeanne Jarrett, CPA
Director
February 16, 1998