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REFORMING. personal property tax. THE PLAN. NEW GF REVENUE. STATE USE TAX TRANSFER TO LOCALS. EXPIRED. LOCAL USE TAX. GENERAL FUND. STATE USE TAX. CREDITS. STATE + USE TAX. LOCAL. cannot exceed 6%. under the Constitution. WHAT IS USE TAX?. - PowerPoint PPT Presentation
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personal property taxR E F O R M I N G
E X P I R E D
THE PLAN
N E W G FR E V E N U E
S TAT E U S E TA XT RA N S F E
R T O LO C A L S
CREDITS GENERALFUND
STATE USE TAX
LOCALUSE TAX
cannot exceed 6% STATE + USE TAX
LOCAL
under the Constitution
- out of state purchases- telecom - lodging- 4¢ general fund 2¢ school aid fund
WHAT IS USE TAX?
Use tax is sales tax on:
100%
POLICEFIRE
AMBULANCE
JAILS
K-12/ISDOPERATIN
G AND DEBT LOSS
LOST TIFCAPTURE EVERYTHI
NGELSE
80%
REIMBURSEMENT
The legislature shall appropriate an amount to cover all debt loss
REIMBURSEMENT
FY 2014 AND 2015
Calculate essential services loss – up to 100% of that amount made up through locally levied Essential Services Assessment (ESA)Calculate remaining loss amount, not including loss eligible for reimbursement through ESA – 80% of that amount made up through use tax distribution
LOCAL TAXING UNITBasic operating loss - 100% of that amount made up through SAFCalculate debt loss and hold harmless/out-of-formula operating loss – 100% of that amount made up through use tax distributionCalculate sinking fund/recreational mill loss – 80% of that amount made up through use tax distribution
LOCAL SCHOOL DISTRICTISD
Calculate debt/operating loss – 100% of that amount made up through use tax distribution
FY 2016 AND BEYOND
Total PPT Cut$576.6 M
Total Reimbursement
$511.7 M
UNREIMBURSED EXEMPTIONS VS. TOTAL LOCAL REVENUEFY 2023 (EST)
Total General Revenue$47.4 B
Amount Not Reimbursed$64.9 M
0.137% of General Revenue
$400
$200
$0
$600
2033
PROJECTED GROWTH OF EXEMPT PP REVENUE VS. USE TAX REVENUE 2023-2033
Projected growth in Use Tax revenue:
$582 M
Projected growth in revenue
from exempt personal property, assuming no
exemption: $30.3 M
2023
personal property taxR E F O R M I N G