FISCAL NOTE
Date Requested: March 02, 2021
Time Requested: 12:22 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2900 |
Introduced |
SB533 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
Local Funds
Sources of Revenue:
Other Fund Local Government - Business and Occupation Tax
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed Senate Bill 533 is to limit the rate of business and occupation tax a municipality charges and collects on the sale of used automobiles to one tenth of one percent and to exempt the sale of new automobiles from the business and occupation tax price.
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):
We do not have records available to us which would allow us to reasonably estimate what the precise financial impacts would be on municipal budgets of the various municipals within West Virginia. However, we do believe the passage and implementation of the Bill could result in a reduction of receipts of business and occupation taxes by municipalities due to the changes in the assessment rate for business and occupation taxes with respect to the sale of used cars sold within the geographical boundaries of municipalities around the state, as well as, the exemption from the calculation of business and occupation taxes provided by the proposed legislation with respect to the sale of new automobiles.
Memorandum
We have no additional comments regarding the proposed legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov