FISCAL NOTE
Date Requested: February 15, 2022
Time Requested: 05:40 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2485 |
Introduced |
HB4757 |
|
|---|
| 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 allow gambling and lottery winnings to be written off against losses.
According to our interpretation, passage of this bill would reduce General Revenue Fund collections by roughly $1.3 million per year beginning Fiscal Year 2024. The legislation creates a decreasing modification for gambling and lottery losses.
Additional administrative costs incurred by the State Tax Department would be $20,000 in FY2024 and $5,000 per year in subsequent fiscal years.
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 |
5,000 |
| Personal Services |
0 |
0 |
5,000 |
| 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 |
-1,300,000 |
Explanation of above estimates (including long-range effect):
According to our interpretation, passage of this bill would reduce General Revenue Fund collections by roughly $1.3 million per year beginning Fiscal Year 2024. The legislation creates a decreasing modification for gambling and lottery losses.
Additional administrative costs incurred by the State Tax Department would be $20,000 in FY2024 and $5,000 per year in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov