FISCAL NOTE
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
| 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 |
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