FISCAL NOTE
Date Requested: January 31, 2015 Time Requested: 11:43 AM |
Agency: |
Tax Department, State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2007 |
Introduced |
HB2558 |
|
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 provide a $500 tax credit to volunteer firefighters who have worked for a volunteer fire department at least 500 hours during the tax year.
Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, the credit would not become effective until Tax Year 2016.
Additional administrative costs to the State Tax Department would be roughly $15,000 in FY2016 and $10,000 per year in subsequent years.
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 |
15,000 |
10,000 |
Personal Services |
0 |
10,000 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
5,000 |
0 |
2. Estimated Total Revenues |
0 |
0 |
-3,300,000 |
Explanation of above estimates (including long-range effect):
Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, the credit would not become effective until Tax Year 2016.
Additional administrative costs to the State Tax Department would be roughly $15,000 in FY2016 and $10,000 per year in subsequent years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov