COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION



FISCAL NOTE



L.R. No.: 3645-01

Bill No.: Perfected HB 975

Subject: Property, Real and Personal; Taxation and Revenue - General; Taxation and Revenue - Property

Type: Original

Date: March 4, 2004



FISCAL SUMMARY



ESTIMATED NET EFFECT ON GENERAL REVENUE FUND
FUND AFFECTED FY 2005 FY 2006 FY 2007
Total Estimated

Net Effect on

General Revenue

Fund

 $0 $0 $0



ESTIMATED NET EFFECT ON OTHER STATE FUNDS
FUND AFFECTED FY 2005 FY 2006 FY 2007
Total Estimated

Net Effect on Other

State Funds

 $0 $0 $0



Numbers within parentheses: ( ) indicate costs or losses.

This fiscal note contains 4 pages.











ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2005 FY 2006 FY 2007
Total Estimated

Net Effect on All

Federal Funds

 $0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 2005 FY 2006 FY 2007
Local Government $0 $0 $0




FISCAL ANALYSIS



ASSUMPTION



Officials from the Office of the Secretary of State and the Office of State Courts Administrator assume this proposal would have no impact on their organizations.



Officials from the Office of the Attorney General, Jackson County, St. Louis County, and the City of St. Louis did not respond to our request for information.



Oversight assumes this proposal would have only a minimal positive impact on local governments by limiting the distribution of net proceeds from land trust sales to the taxing authorities.





FISCAL IMPACT - State Government FY 2005

(10 Mo.)

 FY 2006 FY 2007
$0 $0 $0





FISCAL IMPACT - Local Government FY 2005

(10 Mo.)

 FY 2006 FY 2007
$0 $0 $0



FISCAL IMPACT - Small Business



No direct fiscal impact to small businesses would be expected as a result of this proposal.



DESCRIPTION



This proposal would modify certain statutory provisions regarding land trusts. The proposal would limit beneficiaries of land trust sale proceeds to the taxing authorities and require any net proceeds from the sale of properties in the land trust to be apportioned among the taxing authorities according to the amount of taxes levied against the sold property.



This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.





SOURCES OF INFORMATION



Office of State Courts Administrator

Office of the Secretary of State



NOT RESPONDING



Office of the Attorney General

Jackson County

St. Louis County

City of St. Louis





Mickey Wilson, CPA

Director

March 4, 2004