| Date Requested:January 23, 2012 Time Requested:05:34 PM |
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| FUND(S) General Revenue Fund, local governments | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund,Other Fund local property tax | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to provide that antique motor vehicles be valued at their salvage value for personal property tax purposes, not to exceed $500.
The bill would result in an annual decrease of roughly $840,000 in local property tax revenues and minimal loss in State revenue. Additional costs to the State and local government would be minimal. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2012 Increase/Decrease (use"-") |
2013 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 | 0 | -840,000 |
|
3. Explanation of above estimates (including long-range effect):
The bill would result in an annual decrease of roughly $840,000 in local property tax revenues and minimal loss in State revenue.
Additional costs to the State and local government would be minimal. |