Date Requested:February 16, 2005
Time Requested:05:07 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2005R813 Intro HB2429
CBD Subject: Reassessment of Property After Natural D
FUND(S)
Various
Sources of Revenue
General Fund,Other Fund Various
Legislation creates:
A New Program

Fiscal Note Summary

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

    The stated purpose of this bill is to provide tax relief for taxpayers whose property is adversely affected by natural or man-made disasters or emergencies.
    
    This bill provides that the Tax Commissioner may, by administrative order, provide tax relief measures from taxes imposed within Chapter 11 of the West Virginia Code when a taxpayer’s commercial or residential, real or personal, property has been adversely affected by natural or man-made disasters or emergencies. The granting of tax relief requires that the property be located within a county declared to be in a state of emergency or disaster by the Governor or the President of the United States. Additionally, the tax relief is limited to the immediate tax year in which the damage to property occurs and the year in which the taxes for that year are due.
    
    Natural or man-made disasters or emergencies cannot be predicted. Thus, the Tax Department is unable to quantify the potential impact on State and local revenues resulting from passage of this bill.
    
    Due to the uncertainty of the number and magnitude of natural or man-made disasters or emergencies and the potential scope of the tax relief, the Tax Department is unable to accurately estimate the administrative costs to the State and to local governments that would be attributable to passage of 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):
    This bill would permit the Tax Commissioner, by administrative order, to provide tax relief measures from taxes imposed within Chapter 11 of the West Virginia Code when a taxpayer’s commercial or residential, real or personal, property has been adversely affected by natural or man-made disasters or emergencies. The granting of tax relief requires that the property be located within a county declared to be in a state of emergency or disaster by the Governor or the President of the United States. Additionally, the tax relief is limited to the immediate tax year in which the damage to property occurs and the year in which the taxes for that year are due.
    
    Natural or man-made disasters or emergencies cannot be predicted. Thus, the Tax Department is unable to quantify the potential impact on State and local revenues resulting from passage of this bill.
    
    Due to the uncertainty of the number and magnitude of natural or man-made disasters or emergencies and the potential scope of the tax relief, the Tax Department is unable to accurately estimate the administrative costs to the State and to local governments that would be attributable to passage of this bill.


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