FISCAL NOTE
Date Requested: January 31, 2019
Time Requested: 01:44 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2876 |
Introduced |
HB2789 |
|
|---|
| CBD Subject: |
Retirement |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to increase from $2,000 to $20,000 the amount of retirement income to be excluded from the gross income of individuals receiving retirement benefits as retired police officers or firefighters under the West Virginia Public Employees Retirement System. The bill also provides an effective date.
As written, this bill would exempt retirement the first $20,000 of retirement benefits received from the West Virginia Public Employees Retirement System (PERS) for benefits received as retired police officers or firefighters. The exemption would apply to retired firefighters or police officers, including those formerly classified as conservation officers who retire from the Division of Natural Resources. We are unable to quantify the revenue loss from this proposal because we do not know
the number of people who would qualify for this exemption.
Additional administrative costs would be $41,000 in FY2020 and $40,000 in fiscal years thereafter.
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 |
40,000 |
40,000 |
| Personal Services |
0 |
40,000 |
40,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
1,000 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
As written, this bill would exempt retirement the first $20,000 of retirement benefits received from the West Virginia Public Employees Retirement System (PERS) for benefits received as retired police officers or firefighters. The exemption would apply to retired firefighters or police officers, including those formerly classified as conservation officers who retire from the Division of Natural Resources. We are unable to quantify the revenue loss from this proposal because we do not know the number of people who would qualify for this exemption.
The provisions of this bill would apply to an estimated 90 retired employees of the Division of Natural Resources. However, data is not available on the number of other retirees who would qualify.
Additional administrative costs would be $41,000 in FY2020 and $40,000 in fiscal years thereafter.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov