FISCAL NOTE
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund,Other Fund local property tax
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 exempt from taxation properties owned by a nonprofit organization which are used for housing college or university students, which is also used for religious or leadership training of college or university students.
The loss of revenue to the State and local governments cannot be determined.
Additional administrative costs to the State Tax Department or local governments cannot be determined.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2009
Increase/Decrease
(use"-") |
2010
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 loss of revenue to the State and local governments cannot be determined.
Additional administrative costs to the State Tax Department or local governments cannot be determined.
Memorandum
The stated purpose of this bill is to exempt from taxation properties owned by a nonprofit organization which are used for housing college or university students, which is also used for religious or leadership training of college or university students.
This bill would include “property owned by a nonprofit corporation which provides housing to college or university students when the property is also used to provide religious or leadership training to college or university students” within the definition of “real estate . . . used exclusively by any college or university society” as property exempt from taxation. However, property owned by an unaffiliated nonprofit corporation is not generally used exclusively by any college or university society.
While not stated in the purpose, the bill also increases the “college and university” exemption from one acre to two acres.
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us