| Date Requested:February 03, 2011 Time Requested:02:17 PM |
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| FUND(S) 3157 | |||
|---|---|---|---|
Sources of Revenue | |||
| Other Fund | |||
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. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2011 Increase/Decrease (use"-") |
2012 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 0 | 0 |
| Personal Services | 0 | 0 | 0 |
| Current Expenses | 0 | 0 | 0 |
| Repairs and Alterations | 0 | 0 | 0 |
| Assets | 0 | 0 | 0 |
| Other | 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. |
| None |