FISCAL NOTE
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 stated purpose of this bill is to allow members of volunteer fire departments who have successfully completed required training and who have two years of service to exempt $500 from their gross income, for state personal income tax purposes.
Passage of this bill would reduce General Revenue Fund collections by approximately $260,000 per year beginning in Fiscal Year 2012. Absent an internal effective date, the provisions of this bill would become effective for the 2011 tax year.
If all returns are accepted as filed, there would be a minimal increase in administrative costs to the State Tax Department.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2010 Increase/Decrease (use"-") |
2011 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 |
-260,000 |
Explanation of above estimates (including long-range effect):
A $500 deduction for qualified volunteer firefighters would cost the State approximately $260,000 per year. According to available State data, over 11,500 volunteers may qualify for this deduction.
If all returns are accepted as filed, there would be a minimal increase in administrative costs to the State Tax Department.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov