FISCAL NOTE
Date Requested: January 18, 2024
Time Requested: 04:55 PM |
| Agency: |
Housing Development Fund, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2069 |
Introduced |
HB4787 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
Affordable Housing Fund
Sources of Revenue:
Other Fund Consumer Fees
Legislation creates:
Increases Revenue From Existing Sources
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This will increase revenue by approximately 1,000,000 per year. The fee is generated by the sale of mobile homes and single-family real property transfers. This has no effect on the state budget.
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 |
17,500 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
1,000,000 |
0 |
Explanation of above estimates (including long-range effect):
The West Virginia Housing Development Fund (the Fund) is a self-supporting non-spending unit of the State of West Virginia. The Fund receives approximately $1,000,000 in consumer fees each year. This measure will double the consumer fees received. The Fund does not anticipate this to double the expense of managing the fund but expects a 25% increase in administrative and operating expenses to manage the additional projects created by the increased consumer fees.
Memorandum
This measure does not affect the state budget. This measure increases consumer fees which are managed by the West Virginia Housing Development Fund. The increase in consumer fees will create an increase in expense to manage the projects; however, as the bill is written, the increase in consumer fees cannot be used to offset the increased administrative and operating costs to manage the funds.
Person submitting Fiscal Note: Maggie Leaptrot
Email Address: mleaptrot@wvhdf.com