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| SPONSOR: | Pinto | DATE TYPED: | 03/02/01 | HB | |||
| SHORT TITLE: | Special Fuels | SB | 808 | ||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| $(960.0) | Recurring | State Road Fund | ||
| $ (120.0) | Recurring | Local Gov't. Road Fund | ||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
The bill authorizes the Secretary of the Taxation and Revenue Department to enter into a cooperative agreement regarding special fuel excise tax when a similar tax is imposed by the Navajo Nation. Money collected by TRD on behalf of the Navajo Nation would be remitted subject to the terms of the agreement. A new credit is authorized against special fuel excise tax for taxes paid on special fuels for transactions taking place on land with the exterior boundaries of the Navajo Nation. The credit would be the amount of the qualifying Navajo tax on the transaction. The effective date is July 1, 2001.
FISCAL IMPLICATIONS
TRD estimates the state road fund revenue loss at $960.0 in FY03 and $120.0 for the local governments road fund in FY03. The fiscal impact range is based on an assumption of 6 million gallons sold.
ADMINISTRATIVE IMPLICATIONS
TRD notes administrative impacts would depend on the nature of the cooperative agreement.
AW/ar