FISCAL NOTE
Date Requested: April 01, 2021
Time Requested: 01:53 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3427 |
Introduced |
SB661 |
|
|---|
| 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 permit retailers to assume or absorb any sales or use tax assessed on tangible personal property.
According to our interpretation, the consumer does not have to pay the Consumers Sales Tax if the tax is assumed or absorbed by the vendor. There would be no revenue impact from this provision.
Additional administrative costs incurred by the Tax Department would be $5,000 in FY2022.
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 |
5,000 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
5,000 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
According to our interpretation, the consumer does not have to pay the Consumers Sales Tax if the tax is assumed or absorbed by the vendor. There would be no revenue impact from this provision.
Additional administrative costs incurred by the Tax Department would be $5,000 in FY2022.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov