FISCAL NOTE
Date Requested: March 14, 2017 Time Requested: 01:22 PM |
Agency: |
Tax & Revenue Department, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3181 |
Introduced |
HB3043 |
|
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 increase the corporation net income tax by 0.8% for two years.
According to the provisions of this bill, for taxable periods beginning on or after July 1, 2017 and ending on June 30, 2019, the Corporation Net Income Tax rate would increase from the current rate of 6.5% to the proposed rate of 7.3%. Passage of this bill would result in a gain of roughly $13.4 million FY2018 and $15.7 million in FY2019.
Additional administrative costs incurred by the State Tax Department would be $5,000 in FY2018 and FY2019.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
5,000 |
5,000 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
5,000 |
5,000 |
2. Estimated Total Revenues |
0 |
13,400,000 |
15,700,000 |
Explanation of above estimates (including long-range effect):
According to the provisions of this bill, for taxable periods beginning on or after July 1, 2017 and ending on June 30, 2019, the Corporation Net Income Tax rate would increase from the current rate of 6.5% to the proposed rate of 7.3%. Passage of this bill would result in a gain of roughly $13.4 million FY2018 and $15.7 million in FY2019.
Additional administrative costs incurred by the State Tax Department would be $5,000 in FY2018 and FY2019.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov