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Agenda Item: Adoption of Resolution No. 4261-1470 approving an Agreement with the <br /> Arizona Department of Revenue for performing municipal transaction privilege tax <br /> licensing services for Calendar Year 2015 (City Contract No. 2015-072) <br /> Upon the approval of the Agreement, Prescott will perform the licensing renewal process <br /> as required by the new Article III of the Model City Tax Code. This will be a change for <br /> the City's taxpayers since prior to January 1, 2015, licenses were "permanent" until <br /> revoked or canceled. <br /> This renewal process will be crucial to provide a smooth transition to DOR administration <br /> of licensing and collection of taxes. The City will benefit from updating its records with <br /> more current contact information, as well as data generation needed for the "Match & <br /> Merge" process to match the City taxpayer licenses with their respective state licenses <br /> (any non-matches will receive a new state license number). <br /> The timeframe for the renewal process will be December 2014 through February 2015. <br /> Financial Impact <br /> No significant financial impact specifically related to this Agreement is expected. When <br /> fully implemented, however, "TPT Simplification" is expected to result in annual <br /> reductions of revenue to Prescott's General Fund and Streets Fund totaling in the <br /> hundreds of thousands of dollars. <br /> Attachments <br /> 1. Resolution No. 4261-1470 <br /> 2. Agreement with Arizona Department of Revenue (City Contract No. 2015-072) <br /> Recommended Action: MOVE to adopt Resolution No. 4261-1470. <br /> 2 <br />