FISCAL NOTE
Date Requested: February 12, 2026
Time Requested: 05:29 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 4080 |
Introduced |
SB926 |
|
|---|
| 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.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The stated purpose of this bill is to exclude capital gains on precious metal bullion from gross income.
This bill would exempt capital gains from the exchange of precious metal bullion, meaning coins, bars or rounds containing primarily refined gold, silver, platinum, or palladium that is marked and valued primarily by its weight, purity, and content. This bill would create a decreasing modification to an individual’s federal adjusted gross income for any net capital gain drive from the exchange of precious metal bullion. The modification would retroactively apply to the current tax year beginning on January 1, 2026. There is no data available concerning the capital gains from precious metal bullion in West Virginia. Therefore, we cannot reasonably estimate the revenue loss from this bill.
Additional administrative costs incurred by the State Tax Division would be $29,150 in FY2027 and $11,000 in subsequent fiscal years.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
29,150 |
11,000 |
| Personal Services |
0 |
11,000 |
11,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
1,650 |
0 |
| Other |
0 |
16,500 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
This bill would exempt capital gains from the exchange of precious metal bullion, meaning coins, bars or rounds containing primarily refined gold, silver, platinum, or palladium that is marked and valued primarily by its weight, purity, and content. This bill would create a decreasing modification to an individual’s federal adjusted gross income for any net capital gain drive from the exchange of precious metal bullion. The modification would retroactively apply to the current tax year beginning on January 1, 2026. There is no data available concerning the capital gains from precious metal bullion in West Virginia. Therefore, we cannot reasonably estimate the revenue loss from this bill.
Additional administrative costs incurred by the State Tax Division would be $29,150 in FY2027 and $11,000 in subsequent fiscal years.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Peter Shirley
Email Address: radfiscal@wv.gov