FISCAL NOTE
Date Requested: January 16, 2018
Time Requested: 08:27 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1968 |
Introduced |
HB2843 |
|
|---|
| CBD Subject: |
Economic Development, Municipalities, Taxation |
|---|
|
FUND(S):
Local governments
Sources of Revenue:
Other Fund local governments
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to permit Class III and Class IV municipalities to be included in the West Virginia Tax Increment Act.
The provisions of this bill would allow smaller municipalities the ability to sponsor their own tax increment financing districts in lieu of a potential county sponsored tax increment financing district for the same location. The ultimate revenue impact of this proposal is unknown.
Additional administrative costs cannot be determined.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
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):
The provisions of this bill would allow smaller municipalities the ability to sponsor their own tax increment financing districts in lieu of a potential county sponsored tax increment financing district for the same location. The ultimate revenue impact of this proposal is unknown.
Additional administrative costs cannot be determined.
Memorandum
The stated purpose of this bill is to permit Class III and Class IV municipalities to be included in the West Virginia Tax Increment Act.
There may be a title defect in that the title does not mention that the bill is defining terms.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov