FISCAL NOTE
FUND(S):
General Revenue Fund & Special Railroad and Intermodal Enhancement Fund
Sources of Revenue:
General Fund,Special 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 eliminate the provision expiring provisions relating to requiring the deposit of moneys in the Special Railroad and Intermodal Enhancement Fund; and eliminate the $2,150,000 limit on the total amount to be deposited into the fund for the year 2016.
As written, there would be no revenue consequences associated with the passage of this bill. The bill simply eliminates provisions in W.Va. Code §11-24-43a that limit the amount deposited into the Special Railroad and Intermodal Enhancement Fund for the year 2016. Also, the bill deletes language that would expire provisions requiring the deposit of any money into the Special Railroad and Intermodal Enhancement Fund. Therefore, the annual transfer of $4.3 million from the Corporation Net Income Tax/Business Franchise Tax account to the Special Railroad and Intermodal Enhancement Fund would continue with no expiration date.
There would be no additional administrative costs to the State Tax Department from the passage of this bill.
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 stated purpose of this bill is to eliminate the provision expiring provisions relating to requiring the deposit of moneys in the Special Railroad and Intermodal Enhancement Fund; and eliminate the $2,150,000 limit on the total amount to be deposited into the fund for the year 2016.
As written, there would be no revenue consequences associated with the passage of this bill. The bill simply eliminates provisions in W.Va. Code §11-24-43a that limit the amount deposited into the Special Railroad and Intermodal Enhancement Fund for the year 2016. Also, the bill deletes language that would expire provisions requiring the deposit of any money into the Special Railroad and Intermodal Enhancement Fund. Therefore, the annual transfer of $4.3 million from the Corporation Net Income Tax/Business Franchise Tax account to the Special Railroad and Intermodal Enhancement Fund would continue with no expiration date.
There would be no additional administrative costs to the State Tax Department from the passage of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us