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HB 117 — Public Retirement Plans

by Rep. Ray and others (SB 388 by Senator Bean)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Governmental Oversight and Accountability Committee (GO)

The bill provides that a consolidated government that has entered into an interlocal agreement to provide police protection services to an incorporated municipality is eligible to receive the premium taxes reported for the municipality under certain circumstances. The bill requires the consolidated government to notify the Department of Management Services when it enters into an interlocal agreement to provide police services to a municipality within its boundaries. It provides that the municipality may enact an ordinance to levy a premium tax as authorized in law, and the municipality may distribute any premium taxes reported for the municipality to the consolidated government as long as the interlocal agreement is in effect.

The Revenue Estimating Conference has estimated that this legislation will have an insignificant, negative fiscal impact on the state General Revenue Fund and a corresponding insignificant, positive fiscal impact on local government revenues by shifting these tax revenues from the state to the local governments.

If approved by the Governor, these provisions take effect July 1, 2014.

Vote: Senate 36-0; House 116-0