FISCAL NOTE
Date Requested: January 24, 2023 Time Requested: 12:59 PM |
Agency: |
Tax & Revenue Department, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1924 |
Introduced |
HB2969 |
|
CBD Subject: |
Taxation |
---|
|
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 establish a refundable tax credit for disabled veterans in the amount, not to exceed $3,000, real property.
Based on available information from the Veteran’s Administration on the number of disabled veterans in West Virginia and home ownership of West Virginia veterans, we estimate that passage of this bill would result in a loss of up to $3.7 million beginning in FY2025.
Additional administrative costs would be $15,000 in FY2025 and $5,000 in subsequent fiscal years.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2023 Increase/Decrease (use"-") |
2024 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
5,000 |
Personal Services |
0 |
0 |
5,000 |
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 |
-3,700,000 |
Explanation of above estimates (including long-range effect):
Based on available information from the Veteran’s Administration on the number of disabled veterans in West Virginia and home ownership of West Virginia veterans, we estimate that passage of this bill would result in a loss of up to $3.7 million beginning in FY2025.
Additional administrative costs would be $15,000 in FY2024 and $5,000 in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov