NOTE: As provided in LFC policy, this report is
intended only for use by the standing finance committees of the
legislature. The Legislative Finance Committee does not assume
responsibility for the accuracy of the information in this report when used for
other purposes.
The most recent FIR
version (in HTML & Adobe PDF formats) is available on the Legislative
Website. The Adobe PDF version includes
all attachments, whereas the HTML version does not. Previously issued FIRs
and attachments may be obtained from the LFC in
SPONSOR: |
Begay |
DATE TYPED: |
|
HB |
240 |
||
SHORT TITLE: |
Personal Income Surtax for Wildlife Programs |
SB |
|
||||
|
ANALYST: |
Neel |
|||||
REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
FY03 |
FY04 |
|
|
|
|
($0.1) See
Narrative |
($0.1) See Narrative |
Recurring |
General
Fund |
|
|
|
|
|
(Parenthesis ( ) Indicate Revenue Decreases)
LFC files
Responses
Received From
No response from: Taxation and Revenue Department
(TRD)
Department of Game and Fish (DGF)
SUMMARY
Synopsis
of Bill
House Bill 240 creates a new section of the Tax Administration Act that
distributes a portion of the State’s personal income tax receipts to a newly
created fund in the State Treasury. The
bill would create a new tax assessment in addition to existing taxes in the
amount of two dollars ($2.00) for each
federal exemption allowable for federal income tax purposes for each individual
included in the return, or twelve dollars ($12.00), whichever is less. This surtax would be referred to as the Wildlife Conservation Surtax. The revenue generated would be deposited
into the newly created Wildlife
Conservation Fund. Beginning with fiscal
year 2005, the legislature would be able to appropriate money in this fund for
use by the Department of Game and Fish.
The bill lists allowed uses of the funds. The major uses are to fund the operations of
the Conservation Services Division, the Wildlife Conservation Act and to
acquire, lease, develop, land for wildlife habitat.
FISCAL IMPLICATIONS
DGF estimated that the proposed surcharge would
generate approximately $3.48 million per fiscal year. This calculation assumes a state population
of 1,800,000 with approximately 4% of the population occurring in households
with more than 6 federal tax exemptions.
SN/prr