FISCAL NOTE
Date Requested: February 21, 2018
Time Requested: 03:03 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2747 |
Originating |
ORG1 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
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 presumed purpose of this bill is to redefine provisions applicable for the West Virginia Innovative Mine Safety Technology Tax Credit and to extend the termination date of the credit.
According to our interpretation, the proposed bill would alter the list of approved innovative mine safety technology such that proximity detection devices, cameras, and underground safety shelters will qualify and be included on the list required by statute for the West Virginia Innovative Mine Safety Technology Tax Credit. In addition, the proposed bill would extend the termination date to December 31, 2025. The termination date for this credit is currently codified as December 31, 2018. The credit allowed by current Law is minimally used and results in minimal cost to the General Revenue Fund. Based on our understanding, the proposed bill would only minimally alter usage or cost of this credit.
Additional administrative costs incurred by the State Tax Department would be minimal.
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 |
0 |
Explanation of above estimates (including long-range effect):
According to our interpretation, the proposed bill would alter the list of approved innovative mine safety technology such that proximity detection devices, cameras, and underground safety shelters will qualify and be included on the list required by statute for the West Virginia Innovative Mine Safety Technology Tax Credit. In addition, the proposed bill would extend the termination date to December 31, 2025. The termination date for this credit is currently codified as December 31, 2018. The credit allowed by current Law is minimally used and results in minimal cost to the General Revenue Fund. Based on our understanding, the proposed bill would only minimally alter usage or cost of this credit.
Additional administrative costs incurred by the State Tax Department would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov