FISCAL NOTE

Date Requested: February 01, 2022
Time Requested: 01:24 PM
Agency: Transportation, WV Department of
CBD Number: Version: Bill Number: Resolution Number:
1031 Introduced HB4475
CBD Subject: Taxation


FUND(S):

State Road Fund

Sources of Revenue:

Special Fund

Legislation creates:

Increases Revenue From Existing Sources



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. HB4475 would result in some administrative costs for the Division of Highways. It would also increase revenue collections deposited into the State Road Fund.



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 1,000 2,000 2,000
Personal Services 1,000 1,000 2,000
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):


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. There will be minimal administrative costs incurred by the Division of Highways. These items would include monitoring monthly revenues and cash, using this additional revenue to forecast our annual operating budget and tracking of expenses related to the addition revenue. The Division of Highways cannot accurately estimate the total revenues related to this bill.



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. Currently, severance tax proceeds are collected by the WV Tax and Revenue Department and deposited into the General Revenue fund. The Division of Highways does not have access to know how much is collected, in order to determine what the impact would be to the revenue collections for the State Road fund.



    Person submitting Fiscal Note: Lorrie Hodges
    Email Address: lorrie.a.hodges@wv.gov