Date Requested:February 16, 2005
Time Requested:05:05 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2005R930 Intro HB2413
CBD Subject: Econminic Development & Technical Advanc
FUND(S)
General Revenue Fund
Sources of Revenue
General Fund
Legislation creates:
Neither Program nor Fund

Fiscal Note Summary

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

    The stated purpose of this bill is to authorize the allocation of tax credits allowed for economic development and technology advancement centers during the remainder of the fiscal year beginning on the first day of July, two thousand four.
    
    According to our interpretation, this bill merely proposes a technical change pertaining to the time period in which the West Virginia Economic Development Authority may authorize West Virginia Capital Company Act tax credits for the fiscal year beginning July 1, 2004. There would be no change in revenue due to passage of this bill.
    
    There are no additional administrative costs to the State Tax Department associated with this bill.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2005
Increase/Decrease
(use"-")
2006
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
3. Explanation of above estimates (including long-range effect):
    Passage of this bill will provides a technical change pertaining to the time period in which the West Virginia Economic Development Authority may authorize West Virginia Capital Company Act tax credits for the fiscal year beginning July 1, 2004. There would be no change in revenue due to passage of this bill.
    
    There are no additional administrative costs to the State Tax Department associated with this bill.


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kpetry@tax.state.wv.us