Extends termination of the state sales and use tax exclusion for certain alternative substances used as fuel by manufacturers. (gov sig) (OR NO IMPACT GF RV See Note)
Impact
The impact of SB 231 on state laws is notable as it seeks to support the manufacturing sector by reducing their tax burdens. It specifically benefits those manufacturers who utilize specified alternative fuels, aligning state tax policy with industrial practices aiming for more sustainable fuel use. This extension could potentially encourage greater investment in alternative fuel technologies among manufacturers, thus fostering innovation and long-term economic benefits in the sector.
Summary
Senate Bill 231 extends the termination of the state sales and use tax exclusion for certain alternative substances used as fuel by manufacturers. This bill is aimed at revising the existing law to ensure that manufacturers have continued access to tax exemptions when using alternative fuels, such as petroleum coke, landfill gas, and reclaimed oil. By extending this tax exclusion until June 30, 2015, the legislation provides additional financial support to manufacturers, particularly in the context of transitioning to more sustainable fuel sources.
Sentiment
The sentiment surrounding SB 231 seems to be largely positive among those in the manufacturing community, as it alleviates financial pressures and promotes alternative fuel usage. However, there may be some concerns from fiscal conservatives regarding the state's tax revenue implications and the extension of tax exemptions. Overall, proponents argue that this bill is a step forward for sustainable industry practices and economic growth, while fiscal considerations remain a point of discussion.
Contention
A notable point of contention could arise regarding the criteria for what constitutes an 'alternative substance' and the potential implications of extending tax exemptions. While some view the bill as a necessary support for manufacturers, others may question the fairness of such tax policies, especially if they perceive it as disproportionately benefiting specific sectors. The general debate may center around balancing state revenue needs with the economic support for the manufacturing industry.
Extends termination of the state sales and use tax exclusion for certain alternative substances used as fuel by manufacturers. (OR NO IMPACT GF RV See Note)
Extends termination of the state sales and use tax exclusion for certain alternative substances used as fuel by manufacturers (EN -$40,000 GF RV See Note)
Provides for the extent of applicability of various exclusions and exemptions from state sales and use tax (Item #36) (EG +$789,900,000 GF RV See Note)