FISCAL NOTE
Date Requested: January 21, 2015
Time Requested: 10:38 AM |
| Agency: |
State Tax & Revenue Department |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2348 |
Introduced |
HB2226 |
|
|---|
| CBD Subject: |
Tax |
|---|
|
FUND(S):
General Revenue Fund, Special Railroad Intermodal Enhancement Fund
Sources of Revenue:
General Fund,Special Fund
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 eliminate dedication of corporation net income tax revenues to and deposits of such revenues into the Special Railroad Intermodal Enhancement Fund.
The bill would eliminate the dedication and annual deposit of $4.3 million from collections of Corporation Net Income Tax into the Special Railroad and Intermodal Enhancement Fund on and after July 1, 2015. This elimination was included in the budget presented by the Governor in his estimates for FY2016.
There would be no additional costs.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
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):
The bill would eliminate the dedication and annual deposit of $4.3 million from collections of Corporation Net Income Tax into the Special Railroad and Intermodal Enhancement Fund on and after July 1, 2015. This elimination was included in the budget presented by the Governor in his estimates for FY2016.
There would be no additional costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov