Transit improvements for low-income and elderly

From the 2024 DOR Tax Exemption Study

82.16.050(14) - Transit improvements for low-income and elderly Description Public transportation agencies are allowed a deduction from gross income subject to public utility tax for income derived from fees or charges imposed for transit services. The deduction amount must be used to adjust routes to improve access for citizens to food banks and senior services or to extend or add new routes to assist low-income citizens and seniors. Purpose To promote better transit services for low-income and elderly persons. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.102 $0.102 $0.102 $0.102 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 $0.094 $0.102 $0.102 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. - Due to the unpredictable nature of this deduction, there is no growth assumed. Data Sources - Department of Revenue, Excise tax data Additional Additional Information Information Cate