FISCAL NOTE

Date Requested: February 04, 2020
Time Requested: 03:01 PM
Agency: Development Office
CBD Number: Version: Bill Number: Resolution Number:
2606 Introduced HB4641
CBD Subject: Economic Development


FUND(S):

Special

Sources of Revenue:

Special Fund

Legislation creates:

Creates New Fund: Tourism Development Projects



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    In theory, the TDA will almost have no effect on the budget. Successful applicants can use incremental sales tax growth above the base as a credit against sales tax. The state would get the base amount no matter what, unless the entity folds or goes under. Zero effect on the state‚Äôs budget.



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 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):


    No increase or decrease



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: Kimberly Miller
    Email Address: kimberly.l.miller@wv.gov