FISCAL NOTE
Date Requested: January 11, 2023
Time Requested: 10:26 PM |
| Agency: |
Tax & Revenue Department, WV State |
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| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1519 |
Introduced |
SB12 |
|
|---|
| CBD Subject: |
|
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FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to raise the limit on the Farm-To-Food Bank Tax Credit from $2,500 to $5,000 and provide that the credit applies retroactively to January 1, 2023.
Legislation passed during the 2022 Legislative Session raised the credit limit from $2,500 to $5,000, effective January 1, 2022. The only change in this bill is to change the effective date to January 1, 2023. There would be no revenue impact from passage of this bill.
There would be no additional administrative costs.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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):
Legislation passed during the 2022 Legislative Session raised the credit limit from $2,500 to $5,000, effective January 1, 2022. The only change in this bill is to change the effective date to January 1, 2023. There would be no revenue impact from passage of this bill.
There would be no additional administrative costs.
Memorandum
The stated purpose of this bill is to raise the limit on the Farm-To-Food Bank Tax Credit from $2,500 to $5,000 and provide that the credit applies retroactively to January 1, 2023.
This bill would change the retroactive date of the current Farm to Food Bank Tax Credit from January 1, 2022 to January 2, 2023.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov