FISCAL NOTE

Senate Bill 274 as introduced provides exceptions for the employment and wage requirements under the Capital Credit Program, repealed in 2016, which could decrease receipts otherwise received by the Education Trust Fund, State General Fund, or municipal or county funds from forfeiture of capital credits for projects affected by the COVID-19 pandemic.

Additionally, this bill could decrease income tax receipts to the Education Trust Fund by an undetermined amount dependent on the number of individual income tax filers that receive between $25,000, currently, and $50,000 annually in severance pay, unemployment compensation, or termination pay, which is exempted by this bill.

As amended and reported by the Committee on Finance and Taxation Education clarifies that income received from unemployment compensation provided through the federal CARES act and subsequent extensions will be exempt from any state, county, or municipal income tax for tax years 2020 and 2021.