FISCAL NOTE
Date Requested: January 12, 2024
Time Requested: 05:56 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1187 |
Introduced |
SB390 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
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 provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities.
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025.
Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
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 |
0 |
41,500 |
25,000 |
| Personal Services |
0 |
25,000 |
25,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
1,500 |
0 |
| Other |
0 |
15,000 |
0 |
| 2. Estimated Total Revenues |
0 |
-115,000,000 |
-115,000,000 |
Explanation of above estimates (including long-range effect):
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025.
Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
Memorandum
The stated purpose of this bill is to provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities.
The effective date stated in the bill is defective, stating that "The credit allowed by this article shall be allowed for nurses after December 31, 2024," without reference to the tax year.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov