FISCAL NOTE
Date Requested: February 10, 2021
Time Requested: 04:43 PM |
| Agency: |
Tax & Revenue Department, WV State |
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| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1232 |
Introduced |
HB2214 |
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|---|
| CBD Subject: |
|
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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 allow a taxpayer a personal income tax credit for each dependent that participated in home educational instruction for the most recent academic year.
The provisions of this bill provide a $100 tax credit for each homeschooled child in the State beginning in Tax Year 2021. Based on our interpretation, the proposed bill could result in an annual loss to the General Revenue Fund of up to $1.1 million per year beginning in FY2022.
Administrative costs incurred by the State Tax Department are estimated to be $51,000 for FY2022 and $40,000 in subsequent fiscal years.
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 |
51,000 |
40,000 |
| Personal Services |
0 |
40,000 |
40,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
1,000 |
0 |
| Other |
0 |
10,000 |
0 |
| 2. Estimated Total Revenues |
0 |
-1,100,000 |
-1,100,000 |
Explanation of above estimates (including long-range effect):
The provisions of this bill provide a $100 tax credit for each homeschooled child in the State beginning in Tax Year 2021. Based on our interpretation, the proposed bill could result in an annual loss to the General Revenue Fund of up to $1.1 million per year beginning in FY2022.
Administrative costs incurred by the State Tax Department are estimated to be $51,000 for FY2022 and $40,000 in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov