Date Requested:January 14, 2011
Time Requested:05:12 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2011R1804 Introduced SB35
CBD Subject: NON-FAMILY ADOPTION TAX CREDIT
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 raise the tax credit for nonfamily adoptions from $2,000 to $4,000.
    
    Since the proposal did not specify an effective date, the increase in the credit for nonfamily adoption from $2,000 to $4,000 would be effective for adoptions occurring on or after 90 days from passage and be available to offset tax liability for tax years beginning on or after January 1, 2012. Based upon information from current nonfamily adoption credit claims, the increase in the credit amount will result in a reduction in the General Revenue Fund of roughly $250,000 per year beginning in FY2013.
    
    There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
    

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 -250,000
3. Explanation of above estimates (including long-range effect):
    Passage of this bill would increase the credit for nonfamily adoption from $2,000 to $4,000 effective for adoptions occurring on or after 90 days from passage and be available to offset tax liability for tax years beginning on or after January 1, 2012. Based upon information from current nonfamily adoption credit claims, the increase in the credit amount will result in a reduction in the General Revenue Fund of roughly $250,000 per year beginning in FY2013.
    
    There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
    
    


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