FISCAL NOTE
Date Requested: February 08, 2016
Time Requested: 02:12 PM |
| Agency: |
Tax Department, State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2290 |
Introduced |
HB4439 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General 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 provide a tax credit for persons who apply for and successfully qualify for gun permits up to but not exceeding $80.
Based on available data, the revenue loss due to passage would be $2.3 million per year, beginning in FY2018.
The State Tax Department would incur $19,000 in additional administrative costs in FY2018 and $10,000 per year in subsequent fiscal years.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2016
Increase/Decrease
(use"-") |
2017
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
10,000 |
| Personal Services |
0 |
0 |
10,000 |
| 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 |
-2,300,000 |
Explanation of above estimates (including long-range effect):
Based on available data, the revenue loss due to passage would be $2.3 million per year, beginning in FY2017. There are currently 147,800 active concealed license permits in West Virginia.
The State Tax Department would incur $19,000 in additional administrative costs in FY2017 and $10,000 per year in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov