Provides for a sales and use tax exemption for certain purchases by the Fore!Kids Foundation. (7/1/11) (OR -$40,000 GF RV See Note)
Impact
The enactment of SB51 would result in a significant financial benefit for the Fore!Kids Foundation. By waiving these taxes, the foundation can redirect the funds that would otherwise go to state and local sales taxes back into their programs supporting children's services. This measure reflects a commitment to supporting non-profit organizations that serve communities and highlights the role of governmental incentives in bolstering charitable work. The potential fiscal impact on the state, estimated at a reduction of approximately $40,000 in general fund revenue, indicates the need for careful consideration of balancing support for non-profits while managing state budgets.
Summary
Senate Bill 51 provides a sales and use tax exemption for certain purchases made by the Fore!Kids Foundation, which is primarily focused on funding children's service organizations through various fundraising activities, particularly golfing events. The bill aims to support the foundation's mission by eliminating the tax burden associated with the purchase, use, or rental of materials, services, property, and supplies necessary for their operations. This exemption is expected to enhance the foundation's ability to allocate more resources towards its charitable activities through increased financial efficiency.
Sentiment
The sentiment surrounding SB51 appears to be generally positive among stakeholders who support the Fore!Kids Foundation and its mission. Advocates argue that the tax exemption will enable the foundation to enhance its fundraising efforts and better serve children's needs in the community. However, there may be voices of concern regarding the broader implications of tax exemptions on state revenue, particularly from fiscal conservatives who emphasize the importance of maintaining state funding for essential services in light of potential revenue losses.
Contention
While no significant contention was noted in the discussions surrounding SB51, the core debate often lies in the balancing act between supporting charitable endeavors and ensuring sufficient state revenue. The bill focuses on a specific entity, which may lead to questions on fairness and the potential for setting precedents for other organizations seeking similar exemptions. Lawmakers must consider the long-term implications of such tax resolutions on the state’s budgeting and overall funding for public services.
Provides for a sales and use tax exemption for purchases of certain construction and building materials purchased by or for NOLA Motorsports Park (OR -$240,000 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 a state sales and use tax exemption for certain transactions related to certain inhibitors and certain complex biologics. (7/1/11) (OR -$4,800,000 LF RV See Note)
Exempts from state and local sales taxes purchases by a nonprofit corporation whose primary purpose is to fund children's service organizations through golf events. (7/1/11) (OR DECREASE GF RV See Note)
Provides relative to the base of the state sales and use tax and to provide for the applicability of certain exclusions and exemptions (Item #7) (OR +$143,000,000 GF RV See Note)
Exempts the sale of construction materials to the Make It Right Foundation from state and local sales tax when such materials are intended for use in constructing new residential dwellings in this state. (7/1/12) (EN -$112,000 GF RV See Note)