Fiscal Note SB65.pdf

FN-TDPA99-1.pdf
Preview of Fiscal Note SB65
🔗 Source: legislature.state.al.us
📊 Size: 699 KB
📄 Pages: 1 page
⬇️ Downloads: 188

Summary

Senate Bill 65 would decrease municipal general fund receipts by:
- Capping occupational license tax rates at January 1, 2023 levels
- Reducing maximum occupational tax rates above 1% by 0.2% annually until reaching 1%
- Exempting income earned in police jurisdictions or annexed property after January 1, 2023
- Exempting income from short-term services, natural disaster responses, and certain payments
- Requiring refunds for gross receipts or income earned outside municipal limits
The bill also:
- Prohibits new occupational license taxes, potentially decreasing future revenues
- Requires a county-wide referendum in 2028 for counties with multiple municipalities levying taxes above 1% after rate reduction.

Description

Senate Bill 65 reduces municipal general funds by capping occupational license tax rates and exempting certain income. The bill decreases receipts starting October 1, 2023, by an undetermined amount. Annual rate reductions of at least 0.2% occur until the maximum rate is 1%.

Technical Information

  • File Format: PDF
  • File Size: 699 KB
  • Pages: 1
  • Language: EN
  • Total Downloads: 188
  • Last Updated: 7 days ago

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