FISCAL NOTE
Date Requested: February 14, 2023
Time Requested: 03:42 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3700 |
Amendment |
HB3544 |
|
|---|
| CBD Subject: |
Real and Personal Property |
|---|
|
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 provide an income tax credit in the amount of real property taxes paid on real property that is being leased for recreational purposes to the state or other subdivisions.
This bill would allow for a nonrefundable annual credit against the Personal Income Tax equal to the amount paid annually by the eligible landowner. Annual real property taxes would have to be paid in full to be eligible for the credit. We cannot reasonably determine the revenue impact of this bill. We have no data available on the amount of Property Taxes being paid by taxpayers who lease their property for recreational purposes to the State or their subdivisions.
Administrative costs incurred by the Tax Department would be $20,000 in FY2024 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 |
20,000 |
5,000 |
| Personal Services |
0 |
5,000 |
5,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
15,000 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
This bill would allow for a nonrefundable annual credit against the Personal Income Tax equal to the amount paid annually by the eligible landowner. Annual real property taxes would have to be paid in full to be eligible for the credit. We cannot reasonably determine the revenue impact of this bill. We have no data available on the amount of Property Taxes being paid by taxpayers who lease their property for recreational purposes to the State or their subdivisions.
Administrative costs incurred by the Tax Department would be $20,000 in FY2024 and $5,000 in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov