FISCAL NOTE

Date Requested: February 10, 2021
Time Requested: 05:11 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
1686 Introduced SB121
CBD Subject:


FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund local property tax

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 exempt from property tax certain real properties in this state-owned by a nonprofit corporation with the purpose of organizing, support and maintaining a contemporary agricultural and industrial fair and exposition. The State Tax Department cannot quantify the revenue loss associated with this proposal. If this proposal only applies to the State Fair and county fairs, the revenue loss would not be significant. Additional administrative costs to the State Tax Department and local governments would be minimal.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2021
Increase/Decrease
(use"-")
2022
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):


According to our interpretation, the proposed bill would create an exemption from consumer sales and use tax for all sales of tangible personal property used to safely store firearms. The exemption would apply to sales made on or after the effective date of the amendment which is July 1, 2021. Based on the assumption that the exemption covers safes and trigger locks only, the passage of the proposed legislation would create of loss in General Revenue collection of $45,000 in FY2022 and a loss of $50,000 in subsequent fiscal years. Additional administrative cost incurred by the State Tax Department are expected to be $5,000 in FY2021.



Memorandum






    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r,petry@wv.gov