TO: | Honorable Dennis Bonnen, Chair, House Committee on Ways & Means |
FROM: | Ursula Parks, Director, Legislative Budget Board |
IN RE: | HB2113 by Murphy (Relating to the taxation of fireworks.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2016 | ($1,465,000) |
2017 | ($1,465,000) |
2018 | ($1,465,000) |
2019 | ($1,465,000) |
2020 | ($1,465,000) |
Fiscal Year | Probable Revenue (Loss) from General Revenue Fund 1 |
---|---|
2016 | ($1,465,000) |
2017 | ($1,465,000) |
2018 | ($1,465,000) |
2019 | ($1,465,000) |
2020 | ($1,465,000) |
The estimate indicated below is based on the Comptroller's 2016-2017 Biennial Revenue Estimate.
The Comptroller's office has indicated that repealing the fireworks tax, when combined with the repeal of taxes on inheritances, controlled substances, oil regulation, sulphur, and liquified gas, will allow the Comptroller to redeploy resources to audit and enforcement activities for other sources of revenue. It is expected that redeploying these resources will generate revenue sufficient to offset revenue lost from repealing the fireworks tax.
This legislation would create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in this bill would be subject to funds consolidation review by the current Legislature.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | UP, KK, SD
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