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


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


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