FISCAL NOTE
Date Requested: January 23, 2018
Time Requested: 12:09 PM |
| Agency: |
Tax & Revenue Department, WV State |
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| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1386 |
Introduced |
HB4262 |
|
|---|
| CBD Subject: |
|
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FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to exempt retirement income of members of additional uniformed services from income tax.
The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $100,000, beginning in FY2020.
There would be no additional administrative costs.
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 |
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 |
-100,000 |
Explanation of above estimates (including long-range effect):
The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $100,000, beginning in FY2020.
There would be no additional administrative costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov