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 eliminate the requirement in the Consumers Sales and Service Tax and the Personal Income Tax that require the accelerated payment of those taxes in the month of June.
There would be a one-time revenue shift of roughly $30.0 million from FY2007 to FY2008. No adjustment to the FY2007 revenue estimate is necessary as the result of an anticipated surplus.
Additional administrative costs would be minimal.
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 |
-30,000,000 |
30,000,000 |
0 |
Explanation of above estimates (including long-range effect):
There would be a one-time revenue shift of roughly $30.0 million from FY2007 to FY2008. No adjustment to the FY2007 revenue estimate is necessary as the result of an anticipated surplus.
Additional administrative costs to the State Tax Department would be minimal in the current fiscal year due to notifying taxpayers of the change. Thereafter, there would be no additional administrative costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us