Date Requested:March 01, 2005
Time Requested:01:52 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2005R1413 Intro SB417
CBD Subject: Joint Development Entities
FUND(S)
General Revenue Fund, local governments
Sources of Revenue
General Fund,Other Fund local property tax
Legislation creates:
A New Program

Fiscal Note Summary

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

    The stated purpose is to provide for the organization and joint ownership of joint development entities by municipalities, county development authorities and/or municipal development authorities for the development and ownership of local economic development projects, providing for the powers, duties and authority of joint development entities, and providing that joint development entities, as political subdivisions, are exempt from all state and local taxation.
    
    The revenue impact of this bill on the State and local governments cannot be determined. The provisions of this bill would provide greater flexibility to development authorities in the area of property tax relief for economic development.
    
    Additional administrative costs for local governments cannot be determined. There would be no additional costs to the State Tax Department.

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):
    The revenue impact of this bill on the State and local governments cannot be determined. The provisions of this bill would provide greater flexibility to development authorities in the area of property tax relief for economic development.
    
    Additional administrative costs for local governments cannot be determined. There would be no additional costs to the State Tax Department.


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