FISCAL NOTE
Date Requested: February 09, 2015 Time Requested: 09:39 AM |
Agency: |
State Tax & Revenue Department |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2477 |
Introduced |
HB2462 |
|
CBD Subject: |
Tax |
---|
|
FUND(S):
General Revenue Fund, School Construction Fund, School Major Improvement Fund
Sources of Revenue:
General Fund,Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to reduce the amount of sales tax proceeds dedicated to the School Major Improvement Fund by $2,000,004 for fiscal years 2016, 2017, 2018, 2019, and 2020, and to reduce the amount of sales tax proceeds dedicated to the School Construction Fund by $6 million for fiscal years 2016, 2017, 2018, 2019, and 2020, and to make stylistic changes consistent with current drafting practices.
According to our interpretation, passage of this bill would result in a total $8 million reduction in annual General Revenue Fund sales tax transfers to the State School Building Authority, including $2 million to the School Major Improvement Fund and $6 million to the School Construction Fund for fiscal years 2016, 2017, 2018, 2019 and 2020. This proposed change is reflected in the Official General Fund revenue estimates for Fiscal Year 2016.
There would be no additional administrative costs for the Tax Department.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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, passage of this bill would result in a total $8 million reduction in annual General Revenue Fund sales tax transfers to the State School Building Authority, including $2 million to the School Major Improvement Fund and $6 million to the School Construction Fund for fiscal years 2016, 2017, 2018, 2019 and 2020. This proposed change is reflected in the Official General Fund revenue estimates for Fiscal Year 2016.
There would be no additional administrative costs for the Tax Department.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov