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| SPONSOR: | Russell | DATE TYPED: | 01/28/00 | HB | 62 | ||
| SHORT TITLE: | Veteran Exemption for Grenada Conflict | SB | |||||
| ANALYST: | Williams | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY00 | FY01 | |||
| No Fiscal Impact | ||||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates to H 90, HJR 3, SJR 2
SOURCES OF INFORMATION
Taxation and Revenue Department (TRD)
SUMMARY
Synopsis of Bill
Endorsed by the Revenue Stabilization and Tax Policy Committee. Extends the veteran exemption for property tax purposes to individuals serving in the Armed Forces on active duty in the Grenada conflict. Applies beginning property tax year 2001.
FISCAL IMPLICATIONS
Taxation and Revenue Department noted no significant fiscal impact for several reasons. The number of claims is expected to be small. The average amount of tax relief statewide is estimated to be $50 per veteran. Total estimated relief is approximately $200,000, less than 0.03 percent of the state's total approximate $678 million in annual property tax revenues.
ADMINISTRATIVE IMPLICATIONS
No significant administrative impacts for TRD were noted.
AW/njw