|Date Requested:February 03, 2011
Time Requested:02:17 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
|The purpose of this legislation is to continue the Neighborhood Investment Program through 2016. It also increases the aggregate tax credits allowed each year from $2,500,000 to $3,000,000.|
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||0||20,000||20,000|
3. Explanation of above estimates (including long-range effect):
In order to cover the costs of administering this program , any project transferee must pay a project certification fee in the amount of 3% of the amount of the total eligible contributions to the Development Office .The $20,000.00 is the additional amount of fees that this office would collect in any fiscal year as a result of increasing the the amount of tax credits available from $2,500,000 to $3,000,000.