Committee: Ways and Means Education | Sponsor: Faulkner |
Analyst: Jessica Perez | Date: 04/20/2021 |
FISCAL NOTE
House Bill 625 as amended and reported by the Committee on Ways and Means Education would exempt the following community foundation entities from paying any state, county, and municipal sales and use taxes, for the tax year beginning January 1, 2022 and continuing through tax year 2026, unless extended by an act of the Legislature. This bill would reduce sales and use tax receipts to the Education Trust Fund (ETF) by the following estimated amounts, based on information provided by these entities:
Community Foundation of Northeast Alabama | $4,634 |
Community Foundation of Greater Birmingham | $4,195 |
Community Foundation of Greater Huntsville | $8,297 |
Walker Area Community Foundation | $4,036 |
Further, this bill would also reduce receipts to the ETF by an undetermined amount dependent upon the amount of sales and use tax that would have otherwise been paid by the following community foundation entities:
The Community Foundation of South Alabama,
The Community Foundation of West Alabama,
The Black Belt Community Foundation,
The Community Foundation of Greater Decatur,
The Limestone Area Community Foundation,
The Central Alabama Community Foundation, and
The Community Foundation of East Alabama
Additionally, this bill would reduce receipts to the county and municipal funds by an undetermined amount dependent upon the amount of local sales and use taxes that would otherwise have been paid by these foundations in the county or municipality.
Bill Poole, Chair Ways and Means Education |