FISCAL NOTE
Date Requested: January 15, 2019
Time Requested: 02:38 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2163 |
Introduced |
HB2414 |
|
|---|
| CBD Subject: |
Governor -- Bills Requested By |
|---|
|
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 stated purpose of this bill is to update the meaning of “federal taxable income” and certain other terms used in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning for Internal Revenue Code’s definitions; and specifying effective dates.
As written, this bill will update West Virginia Corporation Net Income Tax Law to conform with the laws of the United States that were in effect prior to January 1, 2019, as related to the determination of income for federal income tax purposes. No amendments to the laws of the United States made on or after January 1, 2019 will be taken into effect. Federal tax law provisions enacted prior to January 1, 2019 that have an impact on State revenue were included in the Governor’s official revenue estimates for FY2020.
There will be no additional administrative costs to the State Tax Department associated with this bill.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2019
Increase/Decrease
(use"-") |
2020
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):
As written, this bill will update West Virginia Corporation Net Income Tax Law to conform with the laws of the United States that were in effect prior to January 1, 2019, as related to the determination of income for federal income tax purposes. No amendments to the laws of the United States made on or after January 1, 2019 will be taken into effect. Federal tax law provisions enacted prior to January 1, 2019 that have an impact on State revenue were included in the Governor’s official revenue estimates for FY2020.
There will be no additional administrative costs to the State Tax Department associated with this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov