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| SPONSOR: | Burpo | DATE TYPED: | 01/26/01 | HB | 173 | ||
| SHORT TITLE: | Amend Withholding Tax Act | SB | |||||
| ANALYST: | Williams | ||||||
REVENUE
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
|
NFI |
||||
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Taxation and Revenue Department analysis not submitted
SUMMARY
Synopsis of Bill
This bill would add interest to the list of income items a taxpayer may request the payor to withhold.
Significant Issues
This provision would put interest and pension recipients on the same footing with wage and salary recipients and is a "taxpayer convenience" issue.
FISCAL IMPLICATIONS
No fiscal impact is projected because the amounts remitted by interest payors are expected to offset quarterly estimated payments of personal income taxes.
AW/ar