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 purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year.
    
    The proposed bill states that any firefighter who has up to date credentials for a taxable year will be entitled to a $250 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $ 2.1 million per year beginning in FY2013. Due to the lack of an internal effective date, this bill would not become effective until the 2012 tax year.
    
    There would be no additional administrative costs to the State Tax Department.



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 -2,100,000


Explanation of above estimates (including long-range effect):


    The purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year.
    
    The proposed bill states that any firefighter who has up to date credentials for a taxable year will be entitled to a $250 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $ 2.1 million per year beginning in FY2013. Due to the lack of an internal effective date, this bill would not become effective until the 2012 tax year.
    
    There would be no additional administrative costs to the State Tax Department.



Memorandum


    The stated purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year.
    
    The bill provides no definition of “up to date credentials” or “Firefighter”, and the bill also fails to identify who will determine that the individual is “up to date” and how that determination will be made.
    



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