HomeMy WebLinkAboutCouncil Presentation 10-16-2018 Dedicated Sales Tax Repeal October 2018 FinalRepeal of amendments to the Town Tax CodeErik Montague, Deputy Town ManagerRegular Meeting – October 16, 2018
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Note – August through December 2018 cumulative amounts estimated.$16.1 $16.6 $17.1 $17.6 $18.0 $18.0 $15.9 $16.3 $16.8 $17.3 $17.8 $18.3 $14.0$14.5$15.0$15.5$16.0$16.5$17.0$17.5$18.0$18.5$19.0Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18Qtr 1 Qtr 2Year 4: 2018-2019MillionsCumulative Collections EstimateCUMULATIVE ESTCUMULATIVE ACT/PROJ
Effective January 1, 2019 the proposed ordinance would:1. Decrease the privilege tax rate by one-half percent on all classifications except:Contracting (Tax Code Section 8-415, 8-416, 8-417)Hotel/Motel – Additional Tax (Tax Code 8-447)Mining (Tax Code Section 8-432)2. Repeal Local Option V of the Model City Tax Code to impose a tiered structure on large single item purchases over $5,000Authorize staff to perform all actions necessary to give effect to the ordinanceStaff will work closely with ADOR and the business community on these changesSUMMARY
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