Sales tax vendor-minimum revenue collection.

05LSO-0513.L2

                                                         

FISCAL NOTE

 

	FY 2006	FY 2007	FY 2008
NON-ADMINISTRATIVE IMPACT
Anticipated Revenue Decrease:
GENERAL FUND	110,364	112,682	115,724
LOCAL SOURCES FUND	97,870	99,925	102,623

 

Source of revenue decrease:

 

Sales tax exemption for vendors who generate less than $100 in sales tax per year. Use tax exemption for vendors who generate less than $100 in use tax per year.

 

Assumptions:

 

Based on the removal of approximately 13,000 vendors from the vendor database as well as 2,000 temporary vendors reporting without licensure.

 

Sales and use tax reported by these vendors for FY 2004 was $189,742. This number was projected forward based on January 2005 CREG estimates. Distribution assumed at 53 percent to General Fund and 47 percent to local governments, based on historical average.

 

 

 

 

 

 

 

 

 

 

Prepared by:   Dean Temte, LSO    Phone:   777-7881

(Information provided by Dan Noble, Dept. of Revenue; phone 777-5220)