FISCAL NOTE
Date Requested: January 11, 2023
Time Requested: 10:53 PM |
| Agency: |
Veterans Assistance, WV Department of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1685 |
Introduced |
|
SJR2 |
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
General Revenue
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue
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.
If enacted, this legislation would provide veterans with a 100% service-connected disability with an exemption from ad valorem taxes, either in whole or part. Though the total impact on revenues can not be determined, the State will see a decrease in tax revenue, if enacted.
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):
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.
The Department estimates, based on current veteran statistics, there are an estimated 3,172 honorably discharged veterans with 100% service-connected disabilities that could be eligible for this tax relief. Though the exact impact on tax revenues can not be determined, using an an average property tax of $468.00 and applying that to the number of estimated eligible veterans, would result in a $1,484,496 reduction in tax collections. Additional administrative costs would be minimal.
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.
Person submitting Fiscal Note: Heather L Brunton
Email Address: heather.l.brunton@wv.gov