Date Requested:January 13, 2011
Time Requested:04:09 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2011R1481 Introduced HB2429
CBD Subject: TRANSFERRING REAL PROPERTY
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 eliminate the state excise tax on the privilege of transferring real property. The bill imposes a new county excise tax for transferring real property. The bill also provides that the tax may used by the counties and for county jail fees.
    
    As written, the bill would eliminate the State portion of the excise tax of the transfer of real property to a county tax to be used for county purposes and for any jail costs incurred by that county. Passage of this bill would result in a loss to the General Revenue Fund of $8.1 million and a gain to counties Statewide of $8.1 million in FY2012. The projected loss to the State General Revenue Fund would rise from $8.1 million in FY2012 to $10.7 million after five years.
    
    There would be no additional administrative costs.
    

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2011
Increase/Decrease
(use"-")
2012
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):
    As written, the bill would eliminate the State portion of the excise tax of the transfer of real property to a county tax to be used for county purposes and for any jail costs incurred by that county. Passage of this bill would result in a loss to the General Revenue Fund of $8.1 million and a gain to counties Statewide of $8.1 million in FY2012. The projected loss to the State General Revenue Fund would rise from $8.1 million in FY2012 to $10.7 million after five years.
    
    There would be no additional administrative costs.
    
    


Memorandum
Person submitting Fiscal Note:
Mark Muchow
Email Address:
kerri.r.petry@wv.gov