FISCAL NOTE
Date Requested: February 15, 2022
Time Requested: 12:32 PM |
| Agency: |
Department of Economic Development |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2848 |
Introduced |
HB2096 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
General Revenue
Sources of Revenue:
General Fund
Legislation creates:
Creates New Expense, Creates New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of the bill is to restore the film tax credit program in West Virginia. The tax credit would be retroactive to January 1, 2018. A fiscal note should also be requested from the Tax Department if it has not already.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
203,000 |
192,500 |
| Personal Services |
0 |
162,500 |
162,500 |
| Current Expenses |
0 |
40,500 |
30,000 |
| 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):
Restarting this program should require similar staff to what was present previously in Tourism. That would be 3 FTE, one manager and two staff positions. Requesting manager position at $55,000 plus benefits and staff positions at $35,000 each plus benefits. Ongoing costs in current expenses would include costs for travel, supplies, user fees, etc. Additional costs in the first year would include computer and phone equipment.
Memorandum
All references in the bill to Development Office should be changed to Department of Economic Development.
Again, we stress that a fiscal note should also be prepared by the Tax Department.
Person submitting Fiscal Note: Steve Meester
Email Address: Steve.Meester@wv.gov