Sales and use tax-farm implements.

01LSO-0361.L1

                                                                                                                                                                                               

FISCAL NOTE

 

 

	FY 2002	FY 2003	FY 2004
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Decrease:
GENERAL FUND	730,000	748,000	767,000
LOCAL SOURCES FUND	284,000	291,000	298,000

 

Source of revenue decrease:

 

Sales and use tax exemption for farm implements

 

Assumptions:

 

The department assumes that the loss in revenue would increase each year of the projections based on a 2.5% inflation rate.

 

 

Note:  The above estimates include only the current statewide farm implement sales and use tax rate of 3%.  Local optional sales and use taxes are not considered.

 

 

 

 

Information provided by:   Dan Noble / Robert Tompkins, Dept. of Revenue     Phone:   777-5220

 

 

In addition, this bill has administrative impact which appears to increase (or decrease) duties or responsibilities of one or more state agencies and may impact agency spending or staffing requirements.  As introduced, the bill does not modify any state agency budget or current personnel authorizations.  The following state agencies may be affected administratively:

 

Department of Revenue