Committee: Ways and Means EducationSponsor: Givhan
Analyst: Daniel DavenportDate: 03/03/2021

FISCAL NOTE

Senate Bill 40 as amended and reported by the Committee on Ways and Means Education exempts the Alabama School of Fine Arts Foundation, Incorporated, the Alabama High School of Mathematics and Science Foundation, the Alabama Institute for Deaf and Blind Foundation, Inc., and the Alabama School of Cyber Technology and Engineering Foundation from paying any state, county, and municipal sales and use taxes beginning January 1, 2021. Based on historical data, this bill would decrease sales and use tax receipts to the following funds by the following estimated amounts annually for the entities listed:

FundAlabama School of Fine Arts FoundationAlabama High School of Mathematics and Science FoundationAlabama Institute for Deaf and Blind Foundation, Inc.
Education Trust Fund$2,240$7,600$2,640
County Funds$560$2,850$1,980
Municipal Funds$2,240$9,500$3,300
Total$5,040$19,950$7,920

Further, based on information provided, this bill would decrease sales and use tax receipts to the following funds by the following estimated amounts for the Alabama School of Cyber Technology and Engineering Foundation due to an ongoing capital project:

Education Trust Fund$460,000
County Funds$57,500
Municipal Funds$517,500
Total$1,035,000


 Bill Poole, Chair
Ways and Means Education