NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.



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F I S C A L I M P A C T R E P O R T





SPONSOR: Rodella DATE TYPED: 02/18/01 HB 703
SHORT TITLE: Firewood & Pellets Gross Receipts Deduction SB
ANALYST: Eaton


REVENUE



Estimated Revenue
 Subsequent

Years Impact

 Recurring

or Non-Rec

 Fund

Affected

FY01 FY02
$ (300.0) $ (330.0) Recurring General Fund
$ (230.0) $ (255.0) Recurring Local Govt.



(Parenthesis ( ) Indicate Revenue Decreases)



SOURCES OF INFORMATION



Taxation and Revenue Department (TRD)



SUMMARY



Synopsis of Bill



This bill would provide for a gross receipts tax deduction for receipts from the sale of firewood or pellets for pellet stoves.



FISCAL IMPLICATIONS



The Taxation and Revenue Department (TRD) report that this bill would reduce general fund revenues by $300.0 in FY02. Local government revenues may decrease by 230.0 in FY02.



ADMINISTRATIVE IMPLICATIONS



Minimal.



JBE/njw