FISCAL NOTE

Date Requested: October 12, 2021
Time Requested: 11:18 AM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
6010 Introduced HB329
CBD Subject: Governor -- Bills Requested By


FUND(S):

General Revenue Fund

Sources of Revenue:

General Fund

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 exempt taxation of the sale of certain aircraft sold in this state and registered in another state and removed from this state within 60 days; providing for an effective date; and providing conditions of exemption. This bill is viewed as a technical correction bill. The bill would reinstate the exemption from consumer sales tax for sales of aircraft that are removed from this state within 60 days. The exemption was removed from code unintentionally during the recently completed regular Legislative session. If this bill is not passed, General Revenue collections could potentially rise by an average of $300,000 in future fiscal years. There would be no additional administrative costs incurred by the Tax Department.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2021
Increase/Decrease
(use"-")
2022
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):


This bill is viewed as a technical correction bill. The bill would reinstate the exemption from consumer sales tax for sales of aircraft that are removed from this state within 60 days. The exemption was removed from code unintentionally during the recently completed regular Legislative session. If this bill is not passed, General Revenue collections could potentially rise by an average of $300,000 in future fiscal years. There would be no additional administrative costs incurred by the Tax Department.



Memorandum






    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov