FISCAL NOTE
Date Requested: March 24, 2025
Time Requested: 03:29 PM |
| Agency: |
Municipal League, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3986 |
Introduced |
SB933 |
|
|---|
| CBD Subject: |
Economic Development |
|---|
|
FUND(S):
Municipal
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of SB 933 is to increase the amount of income and revenue before a business must obtain a business license; exempt independent contractors and sole proprietors from business licenses under certain requirements; increase the amount of annual revenue for businesses to be exempt from B&O taxes; and create the small business protection act.
Related to proposed changes to W. Va. Code §8-13-4 exempting independent contractors and sole proprietors from business license requirements and business license tax: We are without sufficient detail of the numbers of independent contractors or sole proprietors for each city to be able to provide an estimate of lost revenue from the loss of business license tax.
Related to proposed changes to W. Va. Code §8-13-5 exempting businesses with revenue under $25,000 from municipal business and occupation tax: According to FY 24 municipal budgets, 156 municipalities have budgeted revenue from a municipal business and occupation tax. 77 of those municipalities have total municipal budgets under one million dollars. 51 of these municipalities have total municipal budgets under $500,000. We are without sufficient detail of the number of businesses in each city to which this exemption would apply to be able to provide an estimate of loss revenue either as a dollar amount, or as a percentage of annual budget.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
Memorandum
Person submitting Fiscal Note: Susan Economou
Email Address: seconomou@wvml.org