FISCAL NOTE
Date Requested: March 06, 2017
Time Requested: 11:57 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2776 |
Introduced |
HB2806 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
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 provide a consumers sales and service tax and use tax exemption for certain services and tangible personal property sold for the repair, remodeling and maintenance of aircraft owned and operated under a fractional ownership program.
Based on our interpretation, the proposed bill would result in a minimal loss of sales taxes for FY2018 and each year thereafter.
One-time costs to the State Tax Department would be $1,500 for FY2018. No substantial annual costs are expected thereafter.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
1,500 |
0 |
| Personal Services |
0 |
1,000 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
500 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Based on our interpretation, the proposed bill would result in a minimal loss of sales taxes for FY2018 and each year thereafter.
One-time costs to the State Tax Department would be $1,500 for FY2018. No substantial annual costs are expected thereafter.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov