FISCAL NOTE
FUND(S):
State Road Fund & Special Railroad and Intermodal Enhancement Fund
Sources of Revenue:
Other Fund see above
Legislation creates:
A New Program,A New Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to provide funding for the purpose of construction, reconstruction, maintenance and repair of railways, the construction of railway related structures and payment of principal and interest on state bonds for railway purposes, as approved by the Public Port Authority. Up to four million three hundred thousand dollars of all tax collected from the motor fuel excise tax on special fuels used in railroad locomotives is to be deposited, annually, in the new Special Railroad and Intermodal Enhancement Fund.
As written, the passage of this bill could result in an annual transfer of up to $4,300,000 from the State Road Fund to the new Special Railroad and Intermodal Enhancement Fund. These funds will not be transferred until the completion of a study relating to the planning, development, construction and operation of an intermodal facility in Prichard, West Virginia. The annual transfer will expire on June 30, 2016.
There would be no additional administrative costs to the State Tax Department unless a need arises to separately track motor fuel taxes paid by railroads.
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 written, the passage of this bill could result in an annual transfer of up to $4,300,000 from the State Road Fund to the new Special Railroad and Intermodal Enhancement Fund. These funds will not be transferred until the completion of a study relating to the planning, development, construction and operation of an intermodal facility in Prichard, West Virginia. The annual transfer will expire on June 30, 2016.
There would be no additional administrative costs to the State Tax Department unless a need arises to separately track motor fuel taxes paid by railroads.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us