FISCAL NOTE
Date Requested: March 15, 2017 Time Requested: 04:22 PM |
Agency: |
Treasurer's Office, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2516 |
Introduced |
SB464 |
|
CBD Subject: |
Insurance, Taxation |
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|
FUND(S):
GENERAL 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 purpose of Senate Bill 464 is to eliminate taxation on annuity considerations collected and received by a life insurer. The West Virginia State Treasurer’s Office does not have access to all of the information necessary to provide an estimated amount of the fiscal impact.
Each month the Treasurer’s Office transfers amounts in the Insurance Tax Fund to the General Revenue Fund pursuant to W. Va. Code §33-3-14, but the annuity tax collected pursuant to W. Va. Code §33-3-15 is not the only revenue received by the Insurance Tax Fund (Fund 1331). In addition, there are credits and refunds available for the various taxes received in the Insurance Tax Fund. Only the West Virginia Insurance Commissioner would have the necessary information to determine the fiscal impact of Senate Bill 464 to the State.
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 |
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):
See above
Memorandum
Person submitting Fiscal Note: Diana Stout
Email Address: diana.stout@wvsto.com