FISCAL NOTE

Senate Bill 40 as introduced and as amended and reported by the Committee on Finance and Taxation Education exempts the Alabama School of Fine Arts Foundation and the Alabama High School of Mathematics and Science Foundation from any state, county, and municipal sales and use taxes, which based upon historical data, would decrease sales and use tax receipts by the following estimated amounts annually:

Alabama School of Fine Arts Foundation:

Education Trust Fund	$6,125
County Funds	$1,531
Municipal Funds	$6,125
Total	$13,781

Alabama High School of Mathematics and Science Foundation:

Education Trust Fund	$7,566
County Funds	$2,837
Municipal Funds	$9,457
Total	$19,860

This bill also exempts the Alabama School of Cyber Technology and Engineering Foundation from paying any state, county, and municipal sales and use taxes, which would also decrease, by an undetermined amount, sales and use tax receipts to the Education Trust Fund, county funds and municipal funds.