Nonprofit water associations

From the 2024 DOR Tax Exemption Study

82.16.050(12) - Nonprofit water associations Description Nonprofit water organizations may deduct income for amounts received by another nonprofit water organization to use for capital projects. Purpose Promotes capital improvements and expansion of water distribution systems operated by nonprofit associations. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.830 $0.870 $0.910 $0.950 Local Taxes $0.000 $0.000 $0.000 $0.000 Repeal of Repealing this deduction would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.800 $0.910 $0.950 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. - Growth rate mirrors the public utility taxable activity growth rate reflected in the Economic and Revenue Forecast Council's March 2023 forecast. Data Sources - Department of Revenue, Excise tax data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Information Information Category: Nonprofit Year Enacted: 1977 Primary Beneficiaries: Nonprofit water ass