FISCAL NOTE
Date Requested: March 08, 2021
Time Requested: 11:54 AM |
| Agency: |
Economic Development Authority, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2959 |
Introduced |
HB2984 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
9061
Sources of Revenue:
Other Fund Special Revenue
Legislation creates:
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.
The purpose of the proposed bill is to amend certain provisions of the West Virginia Code all relating to property tax increment financing districts and real property owned by public service businesses in such districts, authorizing payment in lieu of tax agreements for property located within property tax increment financing districts, and requiring the State Auditor to apportion and certify the value of real property owned by public service businesses within any development or redevelopment district to the county commission or municipality that create any such district. The approval of the creation of development and redevelopment districts in the State is managed by the West Virginia Development Office, which is a separate office under the Department of Commerce. The proposed bill will have no effect on the operations of the West Virginia Economic Development Authority and will have no fiscal impact on the West Virginia Economic Development Authority’s costs or revenues.
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.
No fiscal impact on West Virginia Economic Development Authority.
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.
None, except the West Virginia Development Office, being a separate office from the West Virginia Economic Development Authority, should be asked to submit a fiscal note for this proposed bill.
Person submitting Fiscal Note: Caren Wilcher, Associate Director
Email Address: caren.d.wilcher@wv.gov