FISCAL NOTE
Date Requested: January 22, 2019
Time Requested: 02:25 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2380 |
Introduced |
|
HJR17 |
|---|
| CBD Subject: |
Constitutional Amendments |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund local property tax revenue
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this resolution is to establish that the valuation, assessment value, and exemption from ad valorem property taxation of tangible inventory, machinery and equipment personal property directly used in business activity shall be determined exclusively as provided by law.
As written, this resolution proposes an amendment to the Constitution of the State of West Virginia to be submitted to the voters of the State at the next general election to be held in the year 2020. The amendment would exempt tangible personal property in the form of manufacturing inventory and manufacturing equipment from Property Tax. The tax impact of this proposal is $0. The proposal allows for future legislation to determine the valuation, assessment and possible exemption of business personal property.
There would be no additional administrative costs.
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
As written, this resolution proposes an amendment to the Constitution of the State of West Virginia to be submitted to the voters of the State at the next general election to be held in the year 2020. The amendment would exempt tangible personal property in the form of manufacturing inventory and manufacturing equipment from Property Tax. The tax impact of this proposal is $0. The proposal allows for future legislation to determine the valuation, assessment and possible exemption of business personal property.
There would be no additional administrative costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov