COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1940-01
Bill No.: SB 634
Subject: Taxation and Revenue - Property; Economic Development; St. Louis.
Type: Original
Date: March 17, 2003
FISCAL SUMMARY
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| None | |||
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| None | |||
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2004 | FY 2005 | FY 2006 |
| Local Government | $0 or Unknown | $0 or Unknown | $0 or Unknown |
ASSUMPTION
Officials from the Department of Economic Development (DED) state this proposal modifies the applicability of certain property taxes to certain tax increment financing projects. DED assumes the proposal would only affect local tax increment financing, and therefore, would have no fiscal impact on their agency.
Officials from the St. Louis Public Schools assumes this proposal would not fiscally impact their agency.
Officials from the City of St. Louis did not respond to our request for fiscal impact.
Oversight assumes that since this proposal states that effective January 1, 2002, the transitional district's operating levy will not be subject to any new or existing tax increment financing (with one exception), the proposal could result in additional income to the transitional school district. Oversight has reflected this as a fiscal impact of $0 to Unknown.
| FISCAL IMPACT - State Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2004
(10 Mo.) |
FY 2005 | FY 2006 |
| ST. LOUIS PUBLIC SCHOOLS | |||
| Income - Possible income from additional taxes due to TIF projects |
$0 or Unknown |
$0 or Unknown |
$0 or Unknown |
| ESTIMATED NET EFFECT TO THE ST. LOUIS PUBLIC SCHOOLS | $0 OR UNKNOWN | $0 OR UNKNOWN | $0 OR UNKNOWN |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal prevents the transitional district operating levy authorized in current law from being subject to certain tax increment financing projects. The tax will not be subject to any certificate of tax
abatement issued after August 28, 1998, or, as of January 1, 2002, such tax will not be subject to any TIF project in St. Louis with the exception of a project concerning a convention headquarters hotel adopted by ordinance in St. Louis after August 28, 2003.
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 Economic Development
St. Louis Public Schools
NOT RESPONDING: City of St. Louis
Mickey Wilson, CPA
Director
March 17, 2003