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 clarify when certain penalties are to be imposed, and to further define when the registration of tax shelters and tax shelter investor lists are to be filed with the Tax Commissioner.
According to our interpretation that this bill provides additional clarification of when previously codified penalties apply and provides additional clarification of the tax shelter and tax shelter investor list filing requirement, passage of this would only have a minimal impact on revenue.
Additional administrative costs to the State Tax Department associated with this bill 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 |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The stated purpose of this bill is to clarify when certain penalties are to be imposed, and to further define when the registration of tax shelters and tax shelter investor lists are to be filed with the Tax Commissioner.
According to our interpretation that this bill provides additional clarification of when previously codified penalties apply and provides additional clarification of the tax shelter and tax shelter investor list filing requirement, passage of this would only have a minimal impact on revenue.
Additional administrative costs to the State Tax Department associated with this bill would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us