FISCAL NOTE
Date Requested: January 21, 2020
Time Requested: 01:39 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1614 |
Introduced |
SB285 |
|
|---|
| CBD Subject: |
Agriculture |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to eliminate the West Virginia Greyhound Breeding Development Fund, redirect all monies from the West Virginia Greyhound Breeding Development Fund to the State Excess Lottery Revenue Fund, and to eliminate requirements for video lottery and racetrack table game license must hold a dog racing license.
In addition to the items listed in the stated purpose, the bill also creates a tax credit any state resident that adopts a greyhound dog acquired from a licensed greyhound breeder in this state, either directly from the licensed breeder or from a humane society or other non-profit organization promoting the adoption of displaced greyhounds. The one-time credit is only available for TY2021 and TY2022.
If the greyhounds currently housed at the greyhound tracks in the State were adopted by State residents with tax liabilities, there would be a cumulative loss of a maximum of $1.7 million spread between FY2022 and FY2023. However, the loss of revenue will be less than the maximum amount of $1.7 million. We have no information on how many greyhounds will be adopted by State residents with tax liability.
Additional administrative costs to the Tax Department would be $5,000 in FY2021, $20,000 in FY2022 and $10,000 in FY2023.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2020
Increase/Decrease
(use"-") |
2021
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
5,000 |
0 |
| Personal Services |
0 |
5,000 |
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 bill creates a tax credit any state resident that adopts a greyhound dog acquired from a licensed greyhound breeder in this state, either directly from the licensed breeder or from a humane society or other non-profit organization promoting the adoption of displaced greyhounds. The one-time credit is only available for TY2021 and TY2022.
If the greyhounds currently housed at the greyhound tracks in the State were adopted by State residents with tax liabilities, there would be a cumulative loss of a maximum of $1.7 million spread between FY2022 and FY2023. However, the loss of revenue will be less than the maximum amount of $1.7 million. We have no information on how many greyhounds will be adopted by State residents with tax liability.
Additional administrative costs to the Tax Department would be $5,000 in FY2021, $20,000 in FY2022 and $10,000 in FY2023.
Memorandum
The stated purpose of this bill is to eliminate the West Virginia Greyhound Breeding Development Fund, redirect all monies from the West Virginia Greyhound Breeding Development Fund to the State Excess Lottery Revenue Fund, and to eliminate requirements for video lottery and racetrack table game license must hold a dog racing license.
The bill creates a new tax credit for the adoption of greyhounds under §11-21-12j. However, the section number, §11-21-12j. already exists in the Code, so this new tax credit needs a different section number. Also, the language regarding the tax credit is vague and will be difficult to administer. The bill title does not state the tax credit has internal effective date or that it has an expiration date.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov