COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 2417-01
Bill No.: SB 7
Subject: Revenue Dept.; Taxation and Revenue-Income
Type: Original
Date: September 5, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| General Revenue | $0 | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the Department of Revenue (DOR) state this legislation as written will not have any FTE or E&E costs. However the department has reviewed other versions of this language that are more specific by indicating what the taxpayer and the DOR has to specifically do. This proposal simply indicates what should not happen and is not specific. This proposal also focuses on whether the payment is subject to tax, but this is really not the issue--the issue is how the payment affects the FIT deduction.
Officials of the Office of Administration (COA) - Budget and Planning (BAP) state this proposal will not allow the credit for the ten percent federal income bracket and federal advance payments to be excluded from Missouri taxable income. The impact of this legislation will be zero.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 | |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This act adds Section 143.119 in an attempt to prevent the one-time 2001 federal tax rebate check from increasing a taxpayer's Missouri state income tax.
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
Office of Administration - Budget and Planning
Jeanne Jarrett, CPA
Director
September 5, 2001