SESSION OF 2002
SUPPLEMENTAL NOTE ON HOUSE BILL NO. 2089
As Amended by House Committee on
HB 2089, as amended, would exclude from the definition of “selling price” for sales tax purposes cash rebates granted by manufacturers to purchasers and lessees of new motor vehicles, provided such rebates are paid directly to retailers as a result of the original sales.
Background
The original bill was introduced during the 2001 Session. The amendments are technical and simply update various statutory references.
According to the latest fiscal information available from the Department of Revenue, the bill would be expected to reduce receipts as follows:
|
|
($ in millions) |
||
|
|
SGF |
SHF |
Total |
|
FY 2003 |
($2.958) |
($0.159) |
($3.117) |
|
FY 2004 |
($3.343) |
($0.180) |
($3.522) |
|
FY 2005 |
($3.470) |
($0.187) |
($3.656) |
|
FY 2006 |
($3.609) |
($0.194) |
($3.803) |
|
FY 2007 |
($3.754) |
($0.202) |
($3.955) |
|
|
|
|
|
|
5-yr total |
($17.133) |
($0.921) |
($18.054) |