Committee: Ways and Means EducationSponsor: Smitherman
Analyst: Jessica PerezDate: 03/09/2021

FISCAL NOTE

Senate Bill 89 as passed the Senate would exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal sales and use taxes which would decrease potential receipts to the following funds by the following estimated amounts:

Education Trust Fund$740,000
County Funds$185,000
Municipal Funds$740,000
Total$1,665,000

Further, this bill would also exempt TWG 2021 Birmingham Foundation from the payment and collection of all state, county, and municipal Ad valorem taxes, which would decrease receipts to the following funds by the following estimated amounts:

State General Fund$540
Public School Fund$180
Soldier Fund$450
County Funds$2,430
Municipal Funds$5,130
Total$8,730

Additionally, this bill exempts any taxes with respect to the purchase or use of property and the gross proceeds from the sale or use of property by TWG 2021 Birmingham Foundation, which would further decrease potential receipts to the State General Fund, Veterans Assistance Fund, and county and municipal funds by an undetermined amount, depending upon: (1) the value of property obtained by TWG 2021 Birmingham Foundation; and (2) the amount of land used by TWG 2021 Birmingham Foundation.

Additionally, this bill would exempt TWG 2021 Birmingham Foundation from any licenses tax, which would decrease potential receipts to the State General Fund and county funds by an estimated $10,000 dependent upon the number of licenses required to be filed by the Foundation.

All exemptions provided in this bill expire on December 31,2023.


 Bill Poole, Chair
Ways and Means Education