NOTE: As provided in LFC policy, this report is intended 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 in any other situation.

The LFC is only preparing FIRs on bills referred to the Senate Finance Committee, the Senate Ways and Means Committee, the House Appropriations and Finance Committee and the House Taxation and Revenue Committee. The chief clerks are responsible for preparing and issuing all other bill analyses.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Room 416 of the State Capitol Building.

(Parenthesis ( ) Indicate Revenue Decreases)

SOURCES OF INFORMATION

Taxation and Revenue Department (TRD)

SUMMARY

Synopsis of Bill

This bill has several technical changes to the current law as it is written. Among the major changes is language including Internet transactions as CRS tax exempt, removing differences between the state and local government tax bases by repealing the exemption of transporting persons or property over city or county lines. This bill also eliminates the requirement that the value of purchased service be stated on resale and enables Roosevelt county to use gross receipts revenue to fund hospital revenue bonds.

FISCAL IMPLICATIONS

The Taxation and Revenue Department estimates that the impact to the general fund will be slightly positive at $200,000 and revenue neutral for municipalities and counties.

ADMINISTRATIVE IMPLICATIONS

The Taxation and Revenue Department (TRD) estimates that this bill will simplify audits for the Audit and Compliance Division of TRD.

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