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| SPONSOR: | Ingle | DATE TYPED: | 02/26/01 | HB | |||
| SHORT TITLE: | Clean Energy Device Gross Receipts Deduction | SB | 761 | ||||
| ANALYST: | Dotson | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY01 | FY02 | FY01 | FY02 | ||
(Parenthesis ( ) Indicate Expenditure Decreases)
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| See Fiscal Implications | Recurring | General Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SUMMARY
Synopsis of Bill
SB 761 provided deductions from gross receipts tax on transactions involving energy efficient appliances, fuel cells, and other clean energy devices.
Significant Issues
Deductions are available for four years, starting July, 1 2001 and ending July 1, 2005.
Major appliances account for a large portion of residential electrical use, promoting the use of clean energy devices could have a significant impact on residential use of electricity.
FISCAL IMPLICATIONS
No estimate of the loss of revenues from the Taxation and Revenue Department is available. The loss of revenues will be reoccurring from July 1, 2001 until July 1, 2005 to the General Fund as a percentage of all transactions involving energy efficient equipment and appliances.
PD/njw