LD 503 LR 182(02)
An Act To Provide Local Sales Tax Increment Disbursements
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2015-16 FY 2016-17 Projections  FY 2017-18 Projections  FY 2018-19
Net Cost (Savings)
General Fund $0 $0 $0 $2,183,020
General Fund $0 $0 $0 ($2,183,020)
Other Special Revenue Funds $0 $0 $0 ($114,896)
Fiscal Detail and Notes
The bill creates a local sales tax increment to be paid annually to each municipality equal to 5% of the amount that sales tax collections in each municipality exceed the collections of the base fiscal year of 2016-17. The base year would change every 4 years. Any year collections are below those of the base year no payments would be made. The first payments would be in fiscal year 2018-19 and would reduce General Fund revenue by $2,183,020 and reduce Local Government Fund revenue by $114,896.