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SPONSOR: | Papen | DATE TYPED: | 02/20/01 | HB | |||
SHORT TITLE: | Nontaxable Transaction Certificates | SB | 714 | ||||
ANALYST: | Eaton |
Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
FY01 | FY02 | |||
NFI |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
This bill gives the Taxation and Revenue Department (TRD) and taxpayers an additional two years -- until January 1, 2004 instead of the currently scheduled January 1, 2002 -- before all Non-Taxable Transaction Certificates (NTTC's) are rendered void and must be reissued. Future scheduled reissues will occur on twelve year cycles rather than the current ten-year cycle.
FISCAL IMPLICATIONS
This bill has no fiscal impact.
ADMINISTRATIVE IMPLICATIONS
The NTTC reissue cost in the fall of 1991 was over $350.0. This bill will delay the need for a special appropriation for a reissue, estimated by the department to be $500.0. The appropriation covers costs for overtime, printing and contract systems work.
OTHER SUBSTANTIVE ISSUES
The Taxation and Revenue Department (TRD) report that canceling the periodic cancellation altogether may save the Department and taxpayers time and money. If there becomes a need, the legislature could enact another one-shot cancellation and reissue program.
JBE/ar