FISCAL NOTE
Date Requested: January 24, 2022
Time Requested: 04:35 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2179 |
Introduced |
SB475 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
Special Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to consolidate all administrative fees collected by the agency into the already created “Tax Administration Services Fund” in W. Va. Code §11-10-27 and remove the cap of $3 million on the fund in the interests of efficient administration and relief on the general revenue fund expenditures of the agency.
This bill would require for any fee collected by or dedicated to the Office of the Tax Commissioner for the collection, distribution, or administration of a specified tax or fee to be deposited into the Tax Administration Services Fund. There are 13 separate administrative fee accounts for various responsibilities that would be consolidated into one account. The provisions of this bill would also allow the Tax Department to retain year-end administrative tax fund balances in excess of $3.0 million, if any, to fund administrative needs of the Department.
Because this bill mostly involves the consolidation of moneys between several existing funds into a single fund for the same purpose, there is no revenue impact and no additional administrative costs for the Tax Department.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
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):
This bill would require for any fee collected by or dedicated to the Office of the Tax Commissioner for the collection, distribution, or administration of a specified tax or fee to be deposited into the Tax Administration Services Fund. There are 13 separate administrative fee accounts for various responsibilities that would be consolidated into one account. The provisions of this bill would also allow the Tax Department to retain year-end administrative tax fund balances in excess of $3.0 million, if any, to fund administrative needs of the Department.
Because this bill mostly involves the consolidation of moneys between several existing funds into a single fund for the same purpose, there is no revenue impact and no additional administrative costs for the Tax Department.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov