FISCAL NOTE
Date Requested: January 11, 2023
Time Requested: 08:40 PM |
| Agency: |
Treasurer's Office, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1268 |
Introduced |
HB2091 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
New
Sources of Revenue:
Special Fund
Legislation creates:
Increases Existing Expenses, Creates New Fund: Cannabis Transfer Tax Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The proposed legislation would legalize the personal use of cannabis in West Virginia, establishes a new fund, institutes an excise and sales tax, and distributes monies from the new fund to various agencies of government.
The legalization of cannabis for personal consumption would have a fiscal impact on the current contract between the state and its bank to hold cannabis funds under the West Virginia Medical Cannabis Act.
Due to the significantly increased disbursements, the State Treasurer's Office estimates that the proposed legislation would cause the state's current cannabis banking contract to increase from $75,000 annually to approximately $300,000 annually. This represents an increased cost of approximately $225,000 annually.
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 |
225,000 |
225,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
225,000 |
225,000 |
| 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):
Memorandum
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov