FISCAL NOTE

Date Requested: January 24, 2023
Time Requested: 12:59 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
1924 Introduced HB2969
CBD Subject: Taxation


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 establish a refundable tax credit for disabled veterans in the amount, not to exceed $3,000, real property. Based on available information from the Veteran’s Administration on the number of disabled veterans in West Virginia and home ownership of West Virginia veterans, we estimate that passage of this bill would result in a loss of up to $3.7 million beginning in FY2025. Additional administrative costs would be $15,000 in FY2025 and $5,000 in subsequent fiscal years.  



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 5,000
Personal Services 0 0 5,000
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 -3,700,000


Explanation of above estimates (including long-range effect):


Based on available information from the Veteran’s Administration on the number of disabled veterans in West Virginia and home ownership of West Virginia veterans, we estimate that passage of this bill would result in a loss of up to $3.7 million beginning in FY2025. Additional administrative costs would be $15,000 in FY2024 and $5,000 in subsequent fiscal years.



Memorandum






    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov