Taxes paid in other states

From the 2024 DOR Tax Exemption Study

82.27.040 - Taxes paid in other states Description A credit is allowed against the amount of enhanced food fish tax owed for any tax previously paid on the same food fish to any legally established taxing authority. Purpose To eliminate double taxation on the same food fish. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.198 $0.198 $0.198 $0.198 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this credit would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.182 $0.198 $0.198 Local Taxes $0.000 $0.000 $0.000 $0.000 Assumptions - This repeal takes effect July 1, 2024, and impacts 11 months of collections in fiscal year 2025. - There is no forecasted revenue growth due to the volatile nature of enhanced food fish tax collections. Data Sources - Department of Revenue, Excise tax data Additional Additional Information Information Category: Tax base Year Enacted: 1980 Primary Beneficiaries: Fish harvesters Taxpayer Count: 20 Program Inconsistency: None evident JLARC Review: Expedited review completed in 2022 2024 Tax Exemption Study Page 322 Chapter