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| SPONSOR: | Gubbels | DATE TYPED: | 03/07/01 | HB | 220/aSFC | ||
| SHORT TITLE: | Space Activity Gross Receipts | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| (See Narrative) | (See Narrative) | Recurring | General Fund | |
| (See Narrative) | (See Narrative) | Recurring | Local Govt. | |
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of SFC Amendment
The SFC amendment removes the temporary compensating tax deduction originally proposed in this bill.
Synopsis of Original Bill
For a five-year trial period, the bill expands the limited spaceport gross receipts tax deduction to include ground control of satellites. A temporary compensating tax deduction is also proposed as a companion. A delayed repeal of the spaceport deduction was scheduled to take effect July 1, 2001. This bill repeals the delayed repeal.
FISCAL IMPLICATIONS
The Taxation and Revenue Department (TRD) had not submitted analysis on the SFC amendment at the time of the writing of this report. Before the amendment, gross receipts tax payments from receipts for ground control of military or civilian satellites was estimated to be, at most, $100.0.
ADMINISTRATIVE IMPLICATIONS
Minimal.
JBE/ar