FISCAL NOTE
Date Requested: February 14, 2023
Time Requested: 03:42 PM |
| Agency: |
Natural Resources, WV Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3700 |
Amendment |
HB3544 |
|
|---|
| CBD Subject: |
Real and Personal Property |
|---|
|
FUND(S):
3200
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article,
designated §11-13MM-1, §11-13MM-2, §11-13MM-3, §11-13MM-4, and §11-13MM-5, all
relating to providing an income tax credit for lessors of real property leased to the state
or other subdivision for recreational purposes.
Eligible landowners in this state will receive a nonrefundable annual credit
against taxes imposed on property leased to state agencies for recreational purposes.
The amount of the tax credit is equal to the amount paid annually by the eligible
Landowner.
The Division of Natural Resources has entered into leases as a lessee, for recreational purposes as defined in §19-25-5 of the WV Code.
However, the tax credit will be associated with the eligible landowner lessor and not the Division of Natural Resources.
Therefore, this legislation will have no fiscal impact upon the West Virginia Division of Natural Resources.
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):
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article,
designated §11-13MM-1, §11-13MM-2, §11-13MM-3, §11-13MM-4, and §11-13MM-5, all
relating to providing an income tax credit for lessors of real property leased to the state
or other subdivision for recreational purposes.
Eligible landowners in this state will receive a nonrefundable annual credit
against taxes imposed on property leased to state agencies for recreational purposes.
The amount of the tax credit is equal to the amount paid annually by the eligible
Landowner.
The Division of Natural Resources has entered into leases as a lessee, for recreational purposes as defined in §19-25-5 of the WV Code.
However, the tax credit will be associated with the eligible landowner lessor and not the Division of Natural Resources.
Therefore, this legislation will have no fiscal impact upon the West Virginia Division of Natural Resources.
Memorandum
Person submitting Fiscal Note: Amanda Morris
Email Address: amanda.l.morris@wv.gov