Description

The local sales tax is collected by the state government and then is apportioned among the jurisdictions in Hillsborough County based on the state formula. The proportion for each county government is computed by taking the sum of the unincorporated area population and two-thirds of the incorporated area population, and then dividing it by the sum of the total county population plus two-thirds of the incorporated area population (Florida Statute Chapter 218.62 distribution formula).

The total revenue collected from the half-cent sales tax is stored in the variable Hillsborough County half-cent sales tax annual revenue from growth. Using the formula mentioned above, the total revenue from half-cent local sales tax is apportioned among the jurisdictions. While calculating each jurisdiction’s share, a function known as DELAYINF is applied. This uses the previous year’s population to calculate the current year’s tax revenue. The annual revenue for each jurisdiction is treated as a flow from which cumulative revenue is calculated.

Equations Used

• Hillsborough County Half-Cent Tax Annual Revenue from Growth = Hillsborough County Half-Cent Sales Tax Annual Revenue from Growth x DELAYINF (((Population [County-Unincorporated] + 2/3 x (Population[County-Hillsborough] - Population[County-Unincorporated])) / (Population[County-Hillsborough] + 2/3 x (Population[County-Hillsborough'] - Population[County-Unincorporated]))), One-Year Lag)

• Tampa Half-Cent Annual Revenue from Growth = Hillsborough County Half-Cent Sales Tax Annual Revenue from Growth x DELAYINF ((Population [City-Tampa] / (Population[County-Hillsborough] + 2/3 x (Population[County-Hillsborough] - Population[County-Unincorporated]))), One-Year Lag)

• Temple Terrace Half-Cent Annual Revenue from Growth = Hillsborough County Half-Cent Sales Tax Annual Revenue from Growth x DELAYINF ((Population [City-Temple Terrace] / (Population[County-Hillsborough] + 2/3 x (Population[County-Hillsborough'] - Population[County-Unincorporated]))), One-Year Lag)

• Temple Terrace Half-Cent Annual Revenue from Growth = Hillsborough County Half-Cent Sales Tax Annual Revenue from Growth x DELAYINF ((Population [City-Plant] / (Population[County-Hillsborough] + 2/3 x (Population[County-Hillsborough] - Population[County-Unincorporated]))), One-Year Lag)

Similar Module

• Half-Cent Local Sales Tax for Existing Base