Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 8-16-19
Requesting Agency: Finance
Division:
Subject Matter Expert Name:
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Name: Don Korte |
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Email: don.korte@denvergov.org |
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
AS AMENDED a bill for an ordinance amending the City Retail Sales Tax Article, Article II, Chapter 53 of the Revised Municipal Code and the City Use Tax Article, Article III, Chapter 53 of the Revised Municipal Code to exempt the passthrough of the federal excise tax imposed on trucks, trailers, and tractors from taxation.
Amends Chapter 53 of the Denver Revised Municipal Code (DRMC) to exempt federal excise tax from being included in the taxable purchase price for heavy trucks and trailers. The Committee approved filing this item at its meeting on 8-27-19. Amended 9-16-19 to clarify that “use” tax is under Article III of Chapter 53 of the D.R.M.C.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The federal government imposes an excise tax on heavy trucks and trailers and this tax is currently included in the DRMC definition of “purchase price”. Therefore, the Federal Excise Tax is currently included in the purchase price amount subject to the City & County of Denver sales/use tax. This ordinance will exempt federal excise tax from being included in the taxable purchase price for heavy trucks & trailers.
We estimate that the fiscal impact will be less than $150,000 per year.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?