Sales Tax Sales Tax History Empire Zone Sales
- Slides: 27
Sales Tax
Sales Tax History & Empire Zone
Sales Tax Analysis Cost of housing and protecting tax exempt property per capita
Sales Tax Analysis Municipal fund balance per capita
Sales Tax Analysis Municipal fund balance to expense ratios
Sales Tax Analysis Municipal sales tax & expenses per capita
Sales Tax Analysis Municipal sales tax to expense ratios
Sales Tax Redistribution Step #1 No change to current sales tax agreement. Debt reduction plan for the city based on reductions to the operating budget.
Sales Tax Redistribution Step #2 – Option A Increase sales tax by 0. 05% in 2021. Projected annual increase to the County = $5, 266, 206 and to all others = $1, 831, 107. Half of new revenue goes to the city, remainder is allocated to remaining towns and villages with an additional percentage to municipalities with police departments.
What. 05% would have done last year
Sales Tax Redistribution Step #2 – Option B Increase sales tax by 0. 075% in 2021. Projected annual increase to the county = $7, 899, 309 and to all others = $ $2, 746, 660 Half of new revenue goes to the city, remainder is allocated to remaining towns and villages with an additional percentage to municipalities with police departments.
Sales Tax Redistribution Step #2 – Option C No increase in sales tax in 2021. No change to the county’s allocation. Redistribution of sales tax revenue to the city, towns and villages based on the committee’s sales tax analysis.
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