Description

This page allows the user to choose the rate structure for calculating the County Infrastructure Surtax (CIT). Using the option titled "Choose Rate Structure," the CIT rate can be set as "Constant Rate" so that the same rate is used throughout the simulation period. The default for Hillsborough County is one-half cent, which may be altered via the sliding bar on the left-hand side of the page. A user can opt for the variable rate structure by changing the "Choose Rate Structure" option to "Variable Rate." This would highlight the title on the right-hand side of the page.

Again, the default (and current) rate is one-half cent (0.50 ¢), which may be altered for each year of the simulation by entering the rate in the boxes below the bars on the right-hand side of the page.

Note: While using either of the rates, make sure the correct option has been selected under "Choose Rate Structure". When the simulation is reset, the rate structure is reverted back to constant rate. To run a new simulation using variable rate, the "Choose Rate Structure" option would have to be changed again.

Description

The Hillsborough County Infrastructure Surtax (CIT) is calculated for the future demand as well as the existing base. CIT sales tax per pep (base of population plus employment) comes out to be around $50. This is used with the cumulative demand (growth) and the base demand (existing base) to calculate revenues from the existing base and future growth.

CIT can either be calculated using a constant rate for the entire simulation period or as a variable rate on a yearly basis. CIT switch, initial CIT tax rate and local government infrastructure surtax aka CIT are the constants used to allow this ability.

Assumptions Used

• Cumulative Demand - See Demand Base

• Base Demand - See Demand Base

• Sales Tax per PEP = $50 per PEP (population plus employment)
  Source: Hillsborough County City-County Planning Commission
  
  

Equations Used

• CIT Annual Revenue from Growth = (IF (CIT Switch = 0, Local Government Infrastructure Surtax aka CIT [1,2], LOOKUP (Local Government Infrastructure Surtax aka CIT, YEAR (TIME) - 2007, 2)) / 0.5<<¢>> x Sales Tax per PEP x Cumulative Demand[3,1] x 1<<pep>>) / 1<<yr>>

• CIT Annual Revenue from Existing Base = (IF (CIT Switch = 0, Local Government Infrastructure Surtax aka CIT [1,2] - Initial CIT Tax Rate [1,2], LOOKUP (Local Government Infrastructure Surtax aka CIT, YEAR (TIME) - 2007, 2) - LOOKUP (Initial CIT Tax Rate, YEAR (TIME) - 2007, 2)) / 0.5<<¢>> x Sales Tax per PEP x Base Demand [3,1] x 1<<pep>>) / 1<<yr>>