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


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):


    
    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


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