|
Permitting
retailers required to register under the sales and use tax laws to deduct and
retain up to 0.25% of the sales and use tax collected starting with tax years
on or after January 1, 2012 rather than 1% will diminish the General Fund
loss from the committee amendment by $3,577,867 in fiscal year 2011-12 and by
$6,644,863 in fiscal year 2012-13, when impacts to the Tourism Marketing Fund
and State Transit, Aviation and Rail Transportation Fund are taken into
account. As amended here, the final
impact would be a General Fund revenue reduction of $1,251,842 in fiscal year
2011-12 and $2,357,550 in fiscal year 2012-13. Revenue sharing would be impacted
proportionally. |