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SPONSOR: | Russell | DATE TYPED: | 2-10-99 | HB | 349/aHJC | ||
SHORT TITLE: | Amend Tax Administration Provisions | SB | |||||
ANALYST: | Taylor |
Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
FY99 | FY2000 | |||
N.A. | $ 500.0 | $ 500.0 | Recurring | General Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
Taxation and Revenue Department
SUMMARY
Synopsis of HJC Amendment
The HJC amendments do two things. First, they reduce the threshold that an optional refund check-off provision must meet before being repealed. The new proposed threshold is $5 thousand per year for three consecutive years. The original proposal was $10 thousand per year for three consecutive years. Second, the amendments change the effective dates for sections 2, 3, 4, 6 and 7 from the 1998 and subsequent taxable years to the 1999 and subsequent taxable years.
The Taxation and Revenue Department analysis indicates that the amendments do not change the fiscal impact of the bill.
Synopsis of Bill
House Bill 349 would amend the following provisions in various tax acts:
FISCAL IMPLICATIONS
TRD estimates that the Corporate Income Tax change (point 7) will add $500 thousand in revenues starting in FY 2000. Eliminating the check off provisions would cost $15 thousand, they say. The change to the PIT reductions date will possibly prevent the loss of $10 million in refund claims. The fiscal implications for the other provisions are Insignificant.
ADMINISTRATIVE IMPLICATIONS
TRD reports a small administrative impact. They say that implementing the business income provisions would require about $20 thousand.
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