FISCAL NOTE
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
A New Program,A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to create the West Virginia Tourism Development Act. This bill provides an inducement for the construction of new or expanded tourist attractions through a tax credit that is to be applied against the sales taxes collected on the gross receipts generated directly from the operation of these facilities .
As the legislation is now written the Development Office can implement this program at little or no additional cost. Th major expense of this legislation appears to be the cost of a feasibility study as to to the economic viability of each project applying for this program to be performed by an independent consultant. However, the project developer must provide with this office with the estimated $35,000.00 to perform this study. Thus we need a new special revenue fund to receive and disbures the funds collected for these studies.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2004
Increase/Decrease
(use"-") |
2005
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 this legislation is prsently written we feel that our existing staff can perform the requirements of this bill, except for the feasibility studies which are to be performed by a consultant. Of course the developer is required to pay up front for these costs. The Council for Community and Economic Development can certify the successful projects at their regular monthly meetings .
Memorandum
Person submitting Fiscal Note: Carl D. Smith
Email Address: csmith@wvdo.org