SB 0964 - Fiscal Note

Fiscal Note - SB 0964 - Revises procedure for approval of proposed agricultural land values

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO. 3968-02

BILL NO. SB 964

SUBJECT: Taxation and Revenue-Property: Agriculture

TYPE: Original

DATE: March 5, 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	$0	Unknown to (Unknown)

Numbers within parentheses: ( ) indicate costs or losses

This fiscal note contains 3 pages.

FISCAL ANALYSIS

ASSUMPTION

Officials of the State Tax Commission noted that the proposal would not affect their agency, administratively. They also noted that the impact on property tax collections, if any, would not occur for two years after legislative action.

FISCAL IMPACT - State Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
	$0	$0	$0
*Effects of the proposal would not be felt until FY 2002.
FISCAL IMPACT - Local Government	FY 1999	FY 2000	FY 2001
	(10 Mo.)
	0	0	0
*Effects of the proposal would not be felt until FY 2002.

FISCAL IMPACT - Small Business

Small businesses which own agricultural property could be affected by this proposal.

DESCRIPTION

This proposal would change the current procedure by which the General Assembly acts on the State Tax Commission regulations setting agricultural land values. Under current law, the legislature may disapprove values contained in a regulation by concurrent resolution passed during the first sixty days of the regular session following the publication of the regulation. If the legislature passes (and the Governor signs) a concurrent resolution disapproving the regulation, the Tax Commission would continue to use the values in the most recent approved regulation.

This proposal would require the General Assembly to approve or disapprove the regulation within sixty days of the beginning of session and would specify that if the General Assembly failed to act then the regulation would be disapproved.

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

SOURCES OF INFORMATION

State Tax Commission

Jeanne Jarrett, CPA

Director

March 5, 1998