FISCAL NOTE
Date Requested: February 08, 2018 Time Requested: 01:42 PM |
Agency: |
Motor Vehicles, WV Division of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2315 |
Introduced |
HB4470 |
|
CBD Subject: |
Taxation |
---|
|
FUND(S):
Road Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to exempt from the sales tax all-terrain vehicles and utility terrain vehicles used as farm equipment.
The Division issued titles for approximately 15,000 ATV/UTVs in fiscal year 2017. The Division estimates that 1% of these vehicles (15,000 X 1% = 150) would qualify for the farm use exemption. The Division collects approximately $500 for each vehicle. The total amount of revenue lost would be $75,000 (150 X $500 = $75,000).
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 |
-75,000 |
-75,000 |
Explanation of above estimates (including long-range effect):
Approximate ATV/UTV yearly 15,000
Estimated % Farm Use 1%
Total Subject to Exemption 150
Average Tax per Vehicle $ 500
Estimated Revenue Reduction $75,000
Memorandum
Person submitting Fiscal Note: Raeann Kriner
Email Address: raeann.k.kriner@wv.gov