FISCAL NOTE

Date Requested: January 10, 2019
Time Requested: 03:47 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
1550 Introduced SB244
CBD Subject: Taxation


FUND(S):

General Revenue Fund, local governments

Sources of Revenue:

General Fund local governments

Legislation creates:

Decreases Existing Revenue



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The stated purpose of this bill is to amend definitions relating to excise tax. The proposed bill would amend the definition of “document” for purposes of determining what transfers are subject to the excise tax on the transfer of real property. All references to quitclaim deeds and gifts would be eliminated from the definition. The proposed Property Transfer Tax definition updates would result in a loss to the General Revenue Fund of $100,000 per year in FY2020 and subsequent fiscal years and a $100,000 revenue loss per year to the counties within the same time period. There will be no additional administrative costs to the State Tax Department associated with this bill.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2019
Increase/Decrease
(use"-")
2020
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 -200,000 -200,000


Explanation of above estimates (including long-range effect):


The proposed bill would amend the definition of “document” for purposes of determining what transfers are subject to the excise tax on the transfer of real property. All references to quitclaim deeds and gifts would be eliminated from the definition. The proposed Property Transfer Tax definition updates would result in a loss to the General Revenue Fund of $100,000 per year in FY2020 and subsequent fiscal years and a $100,000 revenue loss per year to the counties within the same time period. There will be no additional administrative costs to the State Tax Department associated with this bill.



Memorandum






    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov