FISCAL NOTE
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
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 provide for biannual independent review of the Neighborhood Investment Program and to extend the program until July 1, 2008.
According to our interpretation, the extension of the Neighborhood Investment Program, and the resultant tax credits, will extend the $2 million per year tax credit program for qualified neighborhood investment. Passage of this bill would result in no change to official revenue estimates.
There will be no additional administrative costs to the Tax Department attributable to passage of this bill. However, the Development Office will incur additional administrative costs resulting from the required biannual review.
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):
Passage of this bill would provide for biannual independent review of the Neighborhood Investment Program and to extend the program until July 1, 2008.
According to our interpretation, the extension of the Neighborhood Investment Program, and the resultant tax credits, will extend the $2 million per year tax credit program for qualified neighborhood investment. Passage of this bill would result in no change to official revenue estimates.
There will be no additional administrative costs to the Tax Department attributable to passage of this bill. However, the Development Office will incur additional administrative costs resulting from the required biannual review.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us