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| SPONSOR: | Heaton | DATE TYPED: | 03/29/00 | HB | 12 | ||
| SHORT TITLE: | Personal Income Tax Indexing | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| See below | See below | Recurring | General Fund | |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to HB9
SOURCES OF INFORMATION
LFC files
Taxation and Revenue Department (TRD) analysis for special session not yet available
SUMMARY
Synopsis of Bill
Beginning with tax year 2000, tax rate schedules would be adjusted for inflation by the Taxation and Revenue Department. The calculation would utilize the consumer price index for all urban consumers.
FISCAL IMPLICATIONS
According to an analysis prepared by TRD during the regular session, indexing is estimated to reduce recurring General Fund revenues by $2,000.0 to $4,000.0 per point of inflation.
ADMINISTRATIVE IMPLICATIONS
According to an analysis prepared by TRD during the regular session, the Department could absorb the proposed changes within existing resources.
AW/gm