FISCAL NOTE
Date Requested: January 12, 2024
Time Requested: 02:28 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1471 |
Introduced |
SB271 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
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 raise the maximum donated amount from $2,500 to $5,000 and provide that the credit applies retroactively to January 1, 2024.
Legislation passed during the 2022 Legislative Session already raised the maximum donated amount from $2,500 to $5,000, effective January 1, 2022. The only change in this bill is to retroactively delay this increase from 2022 to 2024. In the event that one or more eligible donors donated more than $2,500 of food in either 2022 or 2023, then the provisions of this bill would decrease their tax credit benefit in those years.
Additional administrative costs incurred by the State Tax Department would be $10,000 in FY2024.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
10,000 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
10,000 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Legislation passed during the 2022 Legislative Session already raised the maximum donated amount from $2,500 to $5,000, effective January 1, 2022. The only change in this bill is to retroactively delay this increase from 2022 to 2024. In the event that one or more eligible donors donated more than $2,500 of food in either 2022 or 2023, then the provisions of this bill would decrease their tax credit benefit in those years.
Additional administrative costs incurred by the State Tax Department would be $10,000 in FY2024.
Memorandum
The stated purpose of this bill is to raise the limit on the Farm-To-Food Bank Tax Credit from $2,500 to $5,000 and provide that the credit applies retroactively to January 1, 2024.
This bill would change the retroactive date of the current Farm to Food Bank Tax Credit from January 1, 2022 to January 1, 2024.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov