FISCAL NOTE
Date Requested: January 10, 2018
Time Requested: 02:46 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1260 |
Introduced |
SB83 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to require that higher education course catalogs include certain information relating to employment rate, compensation, etc. to help students decide on an area of study; to create a voluntary college completion incentive program whereby an institution of higher education accepts less state funding in return for certain incentive bonuses relating to student graduation and employment of graduates; and to create a ta credit for West Virginia resident students successfully completing certain courses of study.
According to our interpretation and based on available data, a Personal Income Tax credit for recent graduates of up to $2,000 would result in a revenue loss of $12.9 million in FY2020 and a loss of $17.3 million upon full fiscal year effect.
Additional administrative costs would be $38,000 in FY2019 and $37,000 in fiscal years thereafter.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
38,000 |
37,000 |
| Personal Services |
0 |
32,000 |
37,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
6,000 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
-17,000,000 |
Explanation of above estimates (including long-range effect):
According to our interpretation and based on available data, a Personal Income Tax credit for recent graduates of up to $2,000 would result in a revenue loss of $12.9 million in FY2020 and a loss of $17.3 million upon full fiscal year effect.
Additional administrative costs would be $38,000 in FY2019 and $37,000 in fiscal years thereafter.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov