FISCAL NOTE

Date Requested: February 23, 2016
Time Requested: 03:04 PM
Agency: Tax Department, State
CBD Number: Version: Bill Number: Resolution Number:
2905 Introduced HB4693
CBD Subject: Taxation


FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund,Other Fund local property tax

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 create a recovery fee for the rental of heavy equipment property.
    
    There is no Property Tax impact associated with this bill. The recovery fee is simply an amount to recover the Property Taxes paid with no change in Property Tax assessment or collections. The bill provides that any excess fees collected from vendors for the rental of heavy equipment is to be returned annually to the counties.
    
    Additional administrative costs to local governments are unknown but are expected to be minimal. There will administrative costs to the State Tax Department related to the promulgation of a Legislative Rule governing this proposal.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
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):


    There is no Property Tax impact associated with this bill. The recovery fee is simply an amount to recover the Property Taxes paid with no change in Property Tax assessment or collections. The bill provides that any excess fees collected from vendors for the rental of heavy equipment is to be returned annually to the counties.
    
    Additional administrative costs to local governments are unknown but are expected to be minimal. There will administrative costs to the State Tax Department related to the promulgation of a Legislative Rule governing this proposal.
    
    
    



Memorandum


    



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov