FISCAL NOTE
Date Requested: January 12, 2018
Time Requested: 12:30 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1664 |
Introduced |
SB261 |
|
|---|
| CBD Subject: |
Corporations, Governor -- Bills Requested By |
|---|
|
FUND(S):
West Virginia Housing Development Fund
Sources of Revenue:
Other Fund West Virginia Housing Development Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to eliminate the West Virginia Affordable Housing Trust Fund and the West Virginia Affordable Housing Trust Fund Board of Directors, and authorize the West Virginia Housing Development Fund to carry on the activities previously undertaken by the West Virginia Housing Trust Fund. Two fees previously deposited by the West Virginia Affordable Housing Trust Fund shall be deposited in the West Virginia Housing Development Fund’s Affordable Housing Fund, so that the West Virginia Housing Development Fund may continue providing funds to entities previously providing funds by the West Virginia Housing Trust Fund.
According to our interpretation, revenue generated by a $20 fee on all sales by licensed dealers of factory-built homes and the $20 fee collected by counties for the privilege of transferring real property will now be deposited into the West Virginia Housing Development Fund’s Affordable Housing Fund, so that the West Virginia Housing Development Fund may continue to provide funding to entities previously funded by the West Virginia Housing Trust Fund. Passage of this bill would result in no revenue change.
No additional costs would be incurred by the State Tax Department.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2018
Increase/Decrease
(use"-") |
2019
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, revenue generated by a $20 fee on all sales by licensed dealers of factory-built homes and the $20 fee collected by counties for the privilege of transferring real property will now be deposited into the West Virginia Housing Development Fund’s Affordable Housing Fund, so that the West Virginia Housing Development Fund may continue to provide funding to entities previously funded by the West Virginia Housing Trust Fund. Passage of this bill would result in no revenue change.
No additional costs would be incurred by the State Tax Department.
Memorandum
The stated purpose of this bill is to eliminate the West Virginia Affordable Housing Trust Fund and the West Virginia Affordable Housing Trust Fund Board of Directors, and authorize the West Virginia Housing Development Fund to carry on the activities previously undertaken by the West Virginia Housing Trust Fund. Two fees previously deposited by the West Virginia Affordable Housing Trust Fund shall be deposited in the West Virginia Housing Development Fund’s Affordable Housing Fund, so that the West Virginia Housing Development Fund may continue providing funds to entities previously providing funds by the West Virginia Housing Trust Fund.
The bill would amend W.Va. Code §31-18-6, by adding a new subsection (38), increasing the powers granted to the Housing Development Fund to include: “Provide funding to increase the capacity of nonprofit community housing organizations to serve their communities.” This provision is redundant, as it restates in different formulation, powers that the West Virginia Housing Development Fund already had under W.Va. Code §31-18-6.
The proposed bill would repeal W.Va. Code §31-18d-6. The intent of this bill may have been to reference W.Va. Code W.Va. Code §31-18-6, which focuses on the kinds of investments authorized for unused funds in the West Virginia Housing Development Fund. This reference is problematic as written in the bill draft.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov