SB 0727 - Fiscal Note

Fiscal Note - SB 0727 - Limits penalty/interest rate on property tax delinquencies in city of St. Louis to prime rate

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 3259-01

BILL NO. SB 727

SUBJECT: Taxation and Revenue-Property: St. Louis

TYPE: Original

DATE: February 13, 1998

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
Total Estimated Net Effect on All State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 1999	FY 2000	FY 2001
Local Government	$0	(less than $100,000)	(less than $100,000)

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 3 pages.

FISCAL ANALYSIS

ASSUMPTION

Officials of the City of St. Louis stated that the losses of income compared to current law would not be a very significant percentage of the City budget ($300,000,000 per year) and would not be as much as $100,000 in any year.

FISCAL IMPACT - State Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
	$0	$0	$0
FISCAL IMPACT - Local Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
CITY OF ST. LOUIS
Loss - Interest on Delinquencies	$0	(less	(less
		than	than
		$100,000)	$100,000)

FISCAL IMPACT - Small Business

Small businesses in St. Louis City could be affected by this proposal.

DESCRIPTION

This proposal would limit the interest rate the City of St. Louis could impose on delinquent property taxes occurring after January 1, 1999, to the prime rate.

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. This legislation would not affect Total State Revenue.

SOURCES OF INFORMATION

City of St. Louis

Jeanne Jarrett, CPA

Director

February 13, 1998