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 0159 - Authorizes contributions of cash and marketable securities for maternity home tax credit
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 0517-03
BILL NO.: Truly Agreed and Finally Passed SCS for SB 159
SUBJECT: Children and Minors; Taxation and Revenue - General; Taxation and Revenue - Income
TYPE: Original
DATE: April 28, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | |||
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Revenue, the Department of Public Safety, and the Department of Social Services assume this proposal would not fiscally impact their agencies.
Office of Administration (COA) officials state that allowing a donation to be stocks, etc., instead of cash does not reduce revenue because it was already assumed to be at the cap when the tax credit was created. Therefore, COA assumes no fiscal impact.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (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
Current law authorizes a state income tax credit equal to fifty percent of cash contributions to qualified maternity homes and shelters for victims of domestic violence. This proposal would allow the credit to be taken for contributions of stock, other marketable securities, and real property. Maternity homes and shelters for victims of domestic violence would be permitted to decline any contribution.
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 Social Services
Department of Revenue
Office of Administration
Division of Budget and Planning
Department of Public Safety
Jeanne Jarrett, CPA
Director
April 28, 1999