LD 415 LR 597(01)
An Act To Provide a Sales Tax Trade-in Credit for Core Parts
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Thomas of Somerset
Committee: Taxation
Fiscal Note Required: Yes
Preliminary Fiscal Impact Statement
FY 2011-12 FY 2012-13 Projections  FY 2013-14 Projections  FY 2014-15
Net Cost (Savings)
General Fund $6,056,250 $8,075,000 $8,075,000 $8,075,000
General Fund ($6,056,250) ($8,075,000) ($8,075,000) ($8,075,000)
Other Special Revenue Funds ($318,750) ($425,000) ($425,000) ($425,000)
Fiscal Detail and Notes
Providing a sales tax trade-in credit for core parts will reduce General Fund revenue by an estimated $8,075,000 annually and also reduce revenue sharing.  The Bureau of Revenue Services can absorb the cost of administering the sales tax trade-in credit within existing budgeted resources.