FISCAL NOTE
Date Requested: January 19, 2015 Time Requested: 09:40 AM |
Agency: |
State Tax & Revenue Department |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1313 |
Introduced |
SB85 |
|
CBD Subject: |
Tax |
---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to increase adjustments to gross income for military, National Guard and Reserve retirement income of resident individuals from $20,000 to $25,000.
The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, beginning in FY2017.
Additional administrative costs to the State Tax Department associated with passage of this bill would be minimal.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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 |
-670,000 |
Explanation of above estimates (including long-range effect):
The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, beginning in FY2017.
Additional administrative costs to the State Tax Department associated with passage of this bill would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov