| Date Requested:January 18, 2007 Time Requested:04:59 PM |
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| FUND(S) General Revenue Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| General Fund | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to update the meaning of “federal taxable income” and certain other terms used but not defined in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning for federal income tax purposes.
According to our interpretation, passage of this bill will result in conformity with the Governor’s official revenue estimates for FY2008. Additional administrative costs to the State Tax Department associated with this bill will be minimal. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2007 Increase/Decrease (use"-") |
2008 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):
Passage of this bill will update the meaning of “federal taxable income” for Corporation Net Income Tax purposes to be the “federal taxable income” as defined by the laws of the United States as of December 31, 2006.
According to our interpretation, passage of this bill will result in conformity with the Governor’s official revenue estimates for FY2008. Additional administrative costs to the State Tax Department associated with this bill will be minimal. |