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F I S C A L I M P A C T R E P O R T
SPONSOR Cordova
DATE TYPED 02/15/05 HB 485
SHORT TITLE Construction Material Gross Receipts
SB
ANALYST Padilla-Jackson
REVENUE
Estimated Revenue
Subsequent
Years Impact
Recurring
or Non-Rec
Fund
Affected
FY06
FY07
($116.0)
($116.0)
Same Recurring
General Fund
($67.0)
($67.0)
Same Recurring Local Governments
(Parenthesis ( ) Indicate Revenue Decreases)
SOURCES OF INFORMATION
LFC Files
Responses Received From
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
House Bill 485 would expand eligibility for gross receipts tax exemptions currently provided for
receipts from selling personal property to 501 (c) (3) organizations to include the sale of con-
struction material and metalliferous mineral ore. The bill defines a 501 (c) (3) organization to
mean an organization that has been granted exemption from federal income tax by the U.S.
commissioner of internal revenue as an organization described in Section 501 (c) (3) of the
United States Internal Revenue Code of 1986.
The effective date of this bill in July 1, 2005.
FISCAL IMPLICATIONS
TRD’s analysis reports a total fiscal impact of -$183 thousand, -$116 thousand of which will im-
pact the general fund and -$67 thousand of which will impact local governments. TRD based
their estimate on Housing and Urban Development's Low-Income Housing Tax Credit Database,