FISCAL NOTE

Date Requested: March 17, 2017
Time Requested: 02:12 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
3248 Introduced SB647
CBD Subject: Counties


FUND(S):

Local Government

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 repeal §8A-12-21 which imposes an additional county excise tax on the privilege of transferring real property for the purposes of funding farmland preservation, and to replace the same by amending §11-22-2 to add subsection (c) which provides for an additional county excise tax on the privilege of transferring real property for the purposes of funding the county farmland preservation program and the operations, programs and activities of the local economic development corporation or authority. There will be no effect on the General Revenue Fund. Additional revenue of up to $10.2 million for farmland protection funds or county economic development corporations could be realized if all fifty-five counties levy an additional excise tax.



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 10,200,000 10,200,000


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


There will be no effect on the General Revenue Fund. Additional revenue of up to $10.2 million for farmland protection funds or county economic development corporations could be realized if all fifty-five counties levy an additional excise tax.



Memorandum






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