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5/14/2014 <br /> Breakdown of Total Transaction Privilege <br /> Tax Levied in Prescott <br /> City ("Local") General Fund 1.00% <br /> Streets & Open Space 1.00% <br /> Yavapai County Excise Tax 0.50% <br /> Jail Tax 0.25% <br /> State of Arizona 5.60% <br /> Total in Prescott 8.35% <br /> Total in Prescott Valley 8.68% <br /> Total in Chino Valley 10.35% <br /> Notes: This is the maximum transaction privilege tax levied on sales within the City <br /> (excluding the Transient Occupancy Tax of 3%).The rates on specific items may vary by <br /> taxable category. <br /> A quarter percent(0.25%)Jail Tax increase will be on the ballot in November's general <br /> election. <br /> 25 <br /> TPT (Sales Tax) "Reform" Legislation <br /> ❑ HB 2111 passed during the FY13 Legislative session <br /> ❑ Effective January 2015 <br /> ❑ State assumes administrative processing and collection of TPT <br /> including online tax remittance <br /> • Beginning with the January 2015 reporting period,all Prescott TPT <br /> taxpayers will remit returns to the State directly <br /> ❑ City retains audit authority for single-jurisdiction taxpayers (only doing <br /> business in Prescott) <br /> • State approval is required for multi-jurisdictional audits <br /> ❑ Service Contractors/Trades will be exempt from prime contracting and <br /> instead will pay a tax on materials at the point of sale. This will result <br /> in an anticipated tax/revenue reduction and shift at point of sale <br /> (outside of City) <br /> • FY15 Estimated Total Loss$300,000(General Fund Loss$150,000) <br /> • FY16 Estimated Total Loss$600,000(General Fund Loss$300,000) <br /> 26 <br /> 13 <br />