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| SPONSOR: | Cravens | DATE TYPED: | 03/16/01 | HB | |||
| SHORT TITLE: | Income Tax Credit for Certain Electronic
Equipment |
SB | 458 | ||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| $ (345.0) | Non-Recurring | General Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
The bill would authorize a non-recurring personal and corporate income tax credit for individuals and businesses licensed to sell cigarettes, tobacco products or alcoholic beverages who have purchased and use equipment to electronically read identification cards to verify age. The credit would be $300 for each business location. Partnerships and other business organizations must apportion the credit as appropriate. The bill is effective beginning tax year 2001.
FISCAL IMPLICATIONS
TRD analysis estimates a non-recurring general fund revenue loss of $345.0 in FY02. The impact is based on 1,154 establishments (the number of liquor licensees) qualifying. TRD notes only a small fraction of eligible establishments will either purchase the devices during CY 2002.
AW/ar