FISCAL NOTE
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
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 exempt from consumers sales and service tax payments of homeowners association dues, fees and assessments by homeowners association members to the homeowners association.
According to our interpretation and based upon available data, passage of this bill would result in a reduction in the General Revenue Fund of less than $250,000 per year beginning with FY 2006.
Additional administrative costs to the State Tax Department associated with this bill would be minimal.
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 |
4,000 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
4,000 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
-250,000 |
-250,000 |
Explanation of above estimates (including long-range effect):
This bill provides that all dues, fees and assessments paid by members of a homeowners association be exempt from consumers sales and service tax . Passage of this bill would result in a reduction in the General Revenue Fund of less than $250,000 per year beginning with FY 2006.
Additional administrative costs to the State Tax Department associated with this bill would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us