Committee: Finance and Taxation EducationSponsor: Jones
Analyst: John StathopoulosDate: 02/11/2020

FISCAL NOTE

Senate Bill 144 as introduced provides for a constitutional amendment that, upon ratification, would exempt the sale of food from state sales and use tax, in which would decrease receipts to the Education Trust Fund by approximately ($514 million) based upon tax year 2020. This decrease to the Education Trust Fund would be offset by limiting the amount of federal income tax an individual taxpayer filing as single, head of family, or married filing separate could deduct to a maximum of $6,000 per taxable year, and limiting the amount of federal income tax an individual taxpayer fling as married filing joint could deduct to a maximum of $12,000 per taxable year, which would increase receipts to the Education Trust Fund by approximately $518 million based upon tax year 2020. This bill will increase the proclamation expenses of the Governor, paid from the State General Fund, by an estimated $100,000 for the fiscal year ending September 30, 2021.


 Arthur Orr, Chairperson
Finance and Taxation Education