LD 1993 LR 2886(02)
An Act To Clarify the Law Relating to Corporate Income Tax Nexus and the Shipment of Spirits into the State
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $144,375 $147,250 $152,000
General Fund $0 ($144,375) ($147,250) ($152,000)
Other Special Revenue Funds $0 ($5,625) ($7,750) ($8,000)
Fiscal Detail and Notes
The bill provides an exemption to corporate income tax for a manufacturer of alcoholic spirits located outside of the State whose only nexus with the State is the storage of the manufacturer's spirits in a warehouse operated by the Department of Administrative and Financial Services.  It would result in a reduction in General Fund revenue of $144,375 in fiscal year 2020-21 and a reduction in Local Government Fund revenue of $5,625 in fiscal year 2020-21.