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





SPONSOR: Maloof DATE TYPED: 02/08/00 HB
SHORT TITLE: Increase Low Income Tax Rebate SB 281
ANALYST: Williams




REVENUE



Estimated Revenue
 Subsequent

Years Impact

 Recurring

or Non-Rec

 Fund

Affected

FY00 FY01
$ (3,200.0) $ Recurring General Fund



(Parenthesis ( ) Indicate Revenue Decreases)



Duplicates/Conflicts with/Companion to/Relates to HB 37, SB 284



SOURCES OF INFORMATION



LFC Files

Taxation and Revenue Department (TRD)



SUMMARY



Synopsis of Bill



The bill would increase the amounts in the existing LICTR table by between 10 and 20%, beginning tax year 2000.



Significant Issues



The bill does not increase the income limit or increase the maximum number of exemptions.



FISCAL IMPLICATIONS



TRD estimates the recurring General Fund revenue loss at $3,200.0 beginning in FY01.



DISTRIBUTIONAL ISSUES



Current LICTR beneficiaries would receive between $10 and $45 more than tax years 1998 and 1999. The bill would increase the average LICTR per elderly filer by $14, average LICTR per person in a household with children by $4.40 and average LICTR per person in non-elderly households without children by $10.



Benefits by household type are:



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