FISCAL NOTE

Date Requested: March 06, 2017
Time Requested: 01:53 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
2768 Introduced SB433
CBD Subject: Counties, Taxation


FUND(S):

Local Governments

Sources of Revenue:

Other Fund local governments

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 permit counties to increase the excise tax on the privilege of transferring real property. There will be no effect on the General Revenue Fund. There would be an increase in County Commission revenues of up to $5.1 million if all fifty-five counties increased their rate.



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 5,100,000 5,100,000


Explanation of above estimates (including long-range effect):


There will be no effect on the General Revenue Fund. There would be an increase in County Commission revenues of up to $5.1 million if all fifty-five counties increased their rate.



Memorandum






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