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


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


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