FISCAL NOTE
Date Requested: January 22, 2024
Time Requested: 03:58 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2672 |
Introduced |
HB4984 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
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 remove an expired tax credit for employing certain former employees of the Colin Anderson Center.
According to our interpretation, this bill would remove an expired tax credit for employing certain employees of the Colin Anderson Center. The current Saint Mary’s Correctional Center was formerly known as the Colin Anderson Center, which was established in 1932. The Colin Anderson Center was closed in the spring of 1998, at which time the transition was made to convert the facility to a medium security correctional institution. The expired credit was valid for Personal Income Tax, Corporation Net Income Tax, and Business Franchise Tax liabilities that occurred in tax years 1996 through 2000.
Passage of this bill would have no impact on the General Revenue Fund. There are no additional administrative costs incurred by the State Tax Department.
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 |
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):
According to our interpretation, this bill would remove an expired tax credit for employing certain employees of the Colin Anderson Center. The current Saint Mary’s Correctional Center was formerly known as the Colin Anderson Center, which was established in 1932. The Colin Anderson Center was closed in the spring of 1998, at which time the transition was made to convert the facility to a medium security correctional institution. The expired credit was valid for Personal Income Tax, Corporation Net Income Tax, and Business Franchise Tax liabilities that occurred in tax years 1996 through 2000.
Passage of this bill would have no impact on the General Revenue Fund. There are no additional administrative costs incurred by the State Tax Department.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov