Staff Analysis of the Legislation
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This bill relates to taxation and revenue, implements an income tax, authorizes a real estate transfer tax, eliminates the maximum transfer to the school capital construction account from royalties from leases on school lands, revises the distribution of federal mineral royalties, increases the maximum profit to the state from alcoholic liquor sales, removes the state excise tax on malt beverages, authorizes cities, towns and counties to implement a tax on malt beverages, increases property tax assessment rates, provides sunset dates, provides for the creation of and distribution of funds to the property tax refund program account, imposes a state mill levy for 12 school capital construction, increases severance tax rates for all minerals, increases the sales and use tax rate, establishes a statewide lodging tax, revises specified sales and use tax exemptions related to economic incentives, revises the distribution of sales and use taxes, authorizes an optional municipal sales and use tax, increases fuel tax rates, increases tobacco taxes, creates crimes and penalties, provides applicability and amendments related provisions, and repeals conflicting provisions. |