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| SPONSOR: | Burpo | DATE TYPED: | 02/04/00 | HB | 196 | ||
| SHORT TITLE: | Optional Withholding for Certain Interest | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
|
NFI |
||||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
This bill would add interest to the list of income items a taxpayer may request the payor to withhold.
Significant Issues
TRD indicates this provision would put interest and pension recipients on the same footing with wage and salary recipients and is a "taxpayer convenience" issue.
FISCAL IMPLICATIONS
TRD estimates no fiscal impact because the amounts remitted by interest payors are expected to offset quarterly estimated payment of personal income taxes.
AW/gm