FISCAL NOTE

Senate Bill 363 as introduced and as amended and reported by the Committee on Finance and Taxation General Fund would, beginning October 1, 2021, (1) increase the annual transfer of sales tax discount receipts to the Department of Conservation and Natural Resources (DCNR) for capital outlay, repairs, and maintenance of the state parks system from $5 million to $7.5 million and (2) would correspondingly decrease sales tax discount receipts that would otherwise have been credited to the State General Fund by $2.5 million.

Further, this bill provides that beginning with fiscal year 2023, the State Treasurer shall annually adjust the $7.5 million credited to DCNR to reflect the change in the Consumer Price Index for all Urban Consumers (CPI-U), which would increase the amount credited to DCNR by an estimated $125,000 annually dependent upon the actual CPI-U adjustment and likewise decrease the amount that otherwise would have been credited to the State General Fund.