Date Requested:March 15, 2005
Time Requested:02:52 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2005R1487 Intro HB3012
CBD Subject: Exempting Property Acquired by Lease Pur
FUND(S)
General Revenue Fund, local governments
Sources of Revenue
General Fund,Other Fund local property tax
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 exempt property acquired by lease purchase agreement by the state, a county, district, city, village, town or other political subdivision, state college or university from property tax.
    
    We cannot determine the revenue impact of this bill on the State and local governments; however, the impact will be minimal.
    
    Additional administrative costs for the Tax Department and local governments cannot be determined.

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):
    
    We cannot determine the revenue impact of this bill on the State and local governments; however, the impact will be minimal.
    
    Additional administrative costs for the Tax Department and local governments cannot be determined.


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kpetry@tax.state.wv.us
    The stated purpose of this bill is to exempt property acquired by lease purchase agreement by the state, a county, district, city, village, town or other political subdivision, state college or university from property tax.
    
    The bill also applies the exemption to property that currently is the subject of litigation.