FISCAL NOTE
Date Requested: February 26, 2021
Time Requested: 12:30 PM |
| Agency: |
Development Office |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2963 |
Introduced |
HB2760 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue
Sources of Revenue:
General Fund
Legislation creates:
Creates New Revenue, Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
No negative fiscal impact to the West Virginia Development Office or the state. The bill simply modifies an existing credit where the job creation is required to be 20 jobs within three years. At that level a company may take up to 20% of the capital investment as credit towards corporate net income. This would lower the threshold to 10 Jobs and then they can take 10% of the investment as credit over 10-13 years. It should be revenue neutral. There will be no costs to the West Virginia Development Office.
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):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
N/A no fiscal impact.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
No fiscal impact because revenue from job growth should offset loss of revenue from tax credit.
Person submitting Fiscal Note: Steve Meester
Email Address: Steve.Meester@wv.gov