FISCAL NOTE

Date Requested: January 30, 2019
Time Requested: 02:52 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
2894 Introduced SB472
CBD Subject:


FUND(S):

General Revenue Fund

Sources of Revenue:

General Fund

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 bill is to exempt retirement income of members of additional uniformed services from income tax. The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $120,000, beginning in FY2020. Additional administrative costs would be minimal.



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 1,000 1,000
Personal Services 0 1,000 1,000
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 0 -120,000


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


The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $120,000, beginning in FY2020. Additional administrative costs would be minimal.



Memorandum






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