FISCAL NOTE
Date Requested: February 28, 2019
Time Requested: 11:50 AM |
| Agency: |
Lottery Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3024 |
Introduced |
HB2934 |
|
|---|
| CBD Subject: |
Legal Gaming |
|---|
|
FUND(S):
Lottery
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Fund: West Virginia Lottery Interactive Wagering Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
HB2934 allows interactive gaming defined as wagering on computerized games or virtual versions of any game of chance or digital simulation such as casino themed slot simulations or table games.
Projected revenue from these activities may generate, based upon a privilege tax rate of 15%, approximately $3.9 million in FY2021 and approximately $5.9 million upon full implementation.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
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 |
5,900,000 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
Correction from previous fiscal note for Engrossed HB2934 to reflect no revenue in 2020, but revenue projections include $3.9 million for FY2121 and $5.9 upon full implementation.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Tracy L. Webb, General Counsel
Email Address: twebb@wvlottery.com