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SPONSOR: |
Stell |
DATE
TYPED: |
|
HB |
481 |
||
SHORT
TITLE: |
Water
Conservation Gross Receipts Exemption |
SB |
|
||||
|
ANALYST: |
Smith |
|||||
REVENUE
Estimated Revenue |
Subsequent Years Impact |
Recurring or
Non-Rec |
Fund Affected |
|
FY03 |
FY04 |
|
|
|
|
(100.0)
|
(110.0) |
Recurring |
General Fund |
|
(65.0) |
(70.0) |
Recurring |
Local Governments |
|
|
|
|
|
(Parenthesis ( ) Indicate Revenue Decreases)
Responses
Received From
TRD
SUMMARY
Synopsis of Bill
House
Bill 481 enacts a new section of the Gross Receipts and Compensating Tax Act to
provide a gross receipts tax exemption for receipts from the sale and
installation of water conservation equipment.
The state engineer and interstate stream commission shall cooperate with
FISCAL
IMPLICATIONS
TRD relied on data from the Farm and Ranch Irrigation Survey conducted by
the United States Department of Agriculture reports that
further assumes non-agricultural irrigation equipment expenditures total
approximately $3 million. Of the $17
million total irrigation expenditures, 12% ($2 million) is assumed to be on
qualified technologies.
TECHNICAL
ISSUES
·
TRD notes that if this proposal is meant to be an
agriculturally based exemption, then language should be added to clarify the
point.
SS/njw