FISCAL NOTE

Date Requested: February 28, 2017
Time Requested: 04:03 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
2578 Introduced SB363
CBD Subject: Governor -- Bills Requested By


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 update the meaning of “federal taxable income’ and certain other terms used in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning for Internal Revenue Code’s definitions; and specifying effective dates.
    
    As written, this bill will update West Virginia Corporation Net Income Tax Law to conform with the laws of the United States that were in effect prior to January 1, 2017, as related to the determination of income for federal income tax purposes. No amendments to the laws of the United States made on or after January 1, 2017 will be taken into effect. Federal tax law provisions enacted prior to January 1, 2017 that have an impact on State revenue were included in the Governor’s official revenue estimates for FY2018.
    
    There will be no additional administrative costs to the State Tax Department associated with this bill.
    
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2017
Increase/Decrease
(use"-")
2018
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):


    As written, this bill will update West Virginia Corporation Net Income Tax Law to conform with the laws of the United States that were in effect prior to January 1, 2017, as related to the determination of income for federal income tax purposes. No amendments to the laws of the United States made on or after January 1, 2017 will be taken into effect. Federal tax law provisions enacted prior to January 1, 2017 that have an impact on State revenue were included in the Governor’s official revenue estimates for FY2018.
    
    There will be no additional administrative costs to the State Tax Department associated with this bill.
    
    



Memorandum


    



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