| Date Requested:January 17, 2007 Time Requested:03:16 PM |
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| FUND(S) General Revenue Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
Legislation creates:
A New Program | |||
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to exempt from consumers sales and service tax payments of homeowners’ association dues, fees and assessments by homeowners association members to the homeowners’ association.
According to our interpretation and based upon available data, passage of this bill would result in a reduction in the General Revenue Fund of less than $250,000 per year beginning with FY 2008. Additional administrative costs to the State Tax Department associated with this bill would be minimal. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2007 Increase/Decrease (use"-") |
2008 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 4,000 | 0 | 0 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 4,000 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 0 | 0 | 0 |
| 2. Estimated Total Revenues | 0 | -250,000 | -250,000 |
|
3. Explanation of above estimates (including long-range effect):
This bill provides that all dues, fees and assessments paid by members of a homeowners’ association be exempt from consumers sales and service tax. Passage of this bill would result in a reduction in the General Revenue Fund of less than $250,000 per year beginning with FY 2008.
Additional administrative costs to the State Tax Department associated with this bill would be minimal. |