Date Requested:January 14, 2008
Time Requested:01:55 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2008R1433 Introduced HB4016
CBD Subject: PERSONAL INCOME TAX UPDATE
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 purpose of this bill is to update the meaning of “federal adjusted gross income” and certain other terms used but not defined in the West Virginia Personal Income Tax Act by bringing them into conformity with their meanings 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 FY2009.
    
    Additional administrative costs to the State Tax Department associated with this bill will be minimal.
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2008
Increase/Decrease
(use"-")
2009
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 adjusted gross income” as defined by the laws of the United States as of December 31, 2007.
    
    According to our interpretation, passage of this bill will result in conformity with the Governor’s official revenue estimates for FY2009.
    
    Additional administrative costs to the State Tax Department associated with this bill will be minimal.
    


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kpetry@tax.state.wv.us