FISCAL NOTE
Date Requested: March 03, 2017
Time Requested: 07:53 AM |
| Agency: |
Tax & Revenue Department, WV State |
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| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1469 |
Introduced |
HB2400 |
|
|---|
| CBD Subject: |
|
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FUND(S):
General Revenue Fund
Sources of Revenue:
General 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 allow members of volunteer fire departments and rescue squads who have successfully completed required training and are covered by workers’ compensation a $5,000 modification reducing federal adjusted gross income for personal income tax purposes.
For tax years beginning on or after January 1, 2018, members of volunteer fire departments and rescue squads who have successfully completed required training and are covered by workers’ compensation are entitled to a $5,000 modification reducing federal adjusted gross income. This proposal would result in a revenue loss of $1.8 million per year beginning FY2019.
Additional costs to the State Tax Department would be $24,000 in FY2019 and $10,000 per year in fiscal years thereafter.
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 |
10,000 |
| Personal Services |
0 |
0 |
10,000 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
-1,800,000 |
-1,800,000 |
Explanation of above estimates (including long-range effect):
For tax years beginning on or after January 1, 2018, members of volunteer fire departments and rescue squads who have successfully completed required training and are covered by workers’ compensation are entitled to a $5,000 modification reducing federal adjusted gross income. This proposal would result in a revenue loss of $1.8 million per year beginning FY2019.
Additional costs to the State Tax Department would be $24,000 in FY2019 and $10,000 per year in fiscal years thereafter.
Memorandum
The stated purpose of this bill is to allow members of volunteer fire departments and rescue squads who have successfully completed required training and are covered by workers’ compensation a $5,000 modification reducing federal adjusted gross income for personal income tax purposes.
There are no definitions for an “auxiliary member” or a “rescue squad” in the bill.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov