Committee: Ways and Means Education | Sponsor: Smitherman |
Analyst: Jessica Perez | Date: 03/09/2021 |
FISCAL NOTE
Senate Bill 89 as passed the Senate would exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal sales and use taxes which would decrease potential receipts to the following funds by the following estimated amounts:
Education Trust Fund | $740,000 |
County Funds | $185,000 |
Municipal Funds | $740,000 |
Total | $1,665,000 |
Further, this bill would also exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal Ad valorem taxes, which would decrease receipts to the following funds by the following estimated amounts:
State General Fund | $540 |
Public School Fund | $180 |
Soldier Fund | $450 |
County Funds | $2,430 |
Municipal Funds | $5,130 |
Total | $8,730 |
Additionally, this bill exempts any taxes with respect to the purchase or use of property and the gross proceeds from the sale or use of property by TWG 2021 Birmingham Foundation, which would further decrease potential receipts to the State General Fund, Veterans Assistance Fund, and county and municipal funds by an undetermined amount, depending upon: (1) the value of property obtained by TWG 2021 Birmingham Foundation; and (2) the amount of land used by TWG 2021 Birmingham Foundation.
Additionally, this bill would exempt TWG 2021 Birmingham Foundation from any licenses tax, which would decrease potential receipts to the State General Fund and county funds by an estimated $10,000 dependent upon the number of licenses required to be filed by the Foundation.
All exemptions provided in this bill expire on December 31,2023.
Bill Poole, Chair Ways and Means Education |