Brief Description: Modifying voters' pamphlet fiscal impact statement requirements.

Sponsors: Representatives Hasegawa, Chase and Santos.

Hearing Date: 2/1/06

Staff: Stephanie Toby (786-7106).

Background:

A fiscal impact statement (statement) must be provided in the voters' pamphlet and be available online from the Secretary of State's website for each statewide issue on the ballot. Statements are prepared by the Office of Financial Management, in consultation with the Secretary of State, the Attorney General, and any other appropriate state or local agency. They must describe any projected increase or decrease in revenues, costs, expenditures, or indebtedness that the state or local governments will experience if the ballot measure were approved.

Summary of Bill:

Fiscal impact statements for the voters' pamphlet must include the current:

• percentage of revenue from retail sales tax, business and occupation tax, property tax, real estate excise tax, public utility tax, and any other taxes that constitute at least 2 percent of the state's revenue;
• distribution of state expenditures as percentages of the state general fund; and
• the percent of income paid in all state and local taxes broken down by the following categories of household income: (1) below $17,000; (2) between $17 and $31,000; (3) between $31,000 and $48,000; (4) between $48,000 and $75,000; (5) between $75,000 and $143,000; (6) between $143,000 and $922,000; and (7) over $922,000.

Appropriation: None.

Fiscal Note: Requested January 26, 2006.

Effective Date: The bill takes effect 90 days after adjournment of session in which bill is passed.