FISCAL NOTE
Date Requested: February 13, 2017
Time Requested: 01:44 PM |
| Agency: |
Workers' Compenation |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1279 |
Introduced |
|
|
|---|
| CBD Subject: |
Taxation, Workers Compensation |
|---|
|
FUND(S):
7152
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
No fiscal impact to the Offices of the Insurance Commissioner.
There may be significant fiscal impact to the State Tax Department and they should be consulted regarding the tax credits established by this bill.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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):
Memorandum
This bill would establish tax credits for personal income taxes and corporate net income taxes paid by employers who provide worker's compensation insurance to volunteer firefighters that they regularly employ in a non-related capacity.
There is no fiscal impact to the Offices of the Insurance Commissioner.
There may be significant impact to the State Tax Department of lost tax revenue due to the implementation of the tax credits. The State Tax Department should be consulted in this regard.
Person submitting Fiscal Note: Melinda Ashworth Kiss
Email Address: Melinda.A.Kiss@wv.gov