FISCAL NOTE
Date Requested: January 19, 2015 Time Requested: 09:43 AM |
Agency: |
State Tax & Revenue Department |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1357 |
Introduced |
HB2055 |
|
CBD Subject: |
Tax |
---|
|
FUND(S):
General Revenue Fund, county governments
Sources of Revenue:
General Fund,Other Fund county governments
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to exempt from excise taxation the transfer of real property from an individual to a wholly-owned subsidiary or limited liability company.
As written, this bill would exempt property transfers from an individual to a wholly-owned subsidiary or limited liability company from Property Transfer. Due to lack of data, we cannot determine the revenue loss to the State or county governments from this exemption.
The State Tax Department would not incur any additional administrative costs associated with passage of this bill.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
0 |
0 |
2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
As written, this bill would exempt property transfers from an individual to a wholly-owned subsidiary or limited liability company from Property Transfer. Due to lack of data, we cannot determine the revenue loss to the State or county governments from this exemption.
The State Tax Department would not incur any additional administrative costs associated with passage of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov