FISCAL NOTE
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to is to enlarge the total amount of tourism development project tax credits authorized each year and to create a tourism development expansion project tax credit which shall not exceed five million dollars each year.It also extends the expiration date for the applications for these credits from January 1,2007 to January 1,2013. Since the Development Office is already operating this program we do not forsee any additional costs to continue to adminster this program. The major expense of this program is the cost of the feasibility study which is to be continued to be paid by the applicant. The average cost of performing the study for each of three projects that have applied to this office under this program to date is about $36,700 .
Fiscal Note Detail
| 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 |
Explanation of above estimates (including long-range effect):
As this legislation is written we feel that our existing staff can perform the requirements of this bill, except for the feasibility studies which are to be performed by an independent consultant. Of course the applicant is required to pay the Development Office for the cost of this study prior to engagement of this consultant.
Memorandum
Person submitting Fiscal Note: Carl D Smith
Email Address: csmith@wvdo.org