SB 750 Sales tax rate increase; local tangible personal property tax.
Charles J. Colgan | all patrons    ...    notes
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Summary:
Sales and use tax rate increase; local tangible personal property tax. Increases the state sales and use tax rate from 3.5 percent to five percent, and provides that the revenue generated by the rate increase will be distributed to localities for the purpose of lowering their reliance on the tangible personal property tax. Each locality's share of the additional sales tax revenue is determined by multiplying the amount of the locality's personal property tax revenue for 1997 by a fraction, the numerator of which is the additional sales tax revenue generated statewide as a result of the tax rate increase, and the numerator of which is the total amount of personal property tax revenue collected statewide in 1997. The amount of revenue a locality may collect from its personal property tax will be lowered in the first year by the amount of its share of the increased sales tax revenue. Thereafter, the amount of personal property tax revenue a locality may collect is further reduced by a percentage of the increase in sales tax revenue. Local personal property tax rates will be lowered proportionately to levels that will generate the reduced amounts that can be collected from the personal property tax.

Full text:
01/08/97  Senate: Presented & ordered printed 975692633  pdf

Status:
01/08/97  Senate: Presented & ordered printed 975692633
01/08/97  Senate: Referred to Committee on Finance
01/28/97  Senate: Assigned to Finance sub-committee: Revenue Resources
02/04/97  Senate: Left in Finance