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 provide a personal income tax modification for retirees who are in long-term care facilities who also receive retirement or investment income.
    
    As written, we are unable to estimate the loss to the General Revenue Fund from the passage of this bill. The bill is very broad in nature and provides no definitions of retirement or investment income. Nor does the bill provide a definition of long-term care facilities.
    
    There would be no additional administrative costs to the State Tax Department from the passage of this bill.
    



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):


    The stated purpose of this bill is to provide a personal income tax modification for retirees who are in long-term care facilities who also receive retirement or investment income.
    
    As written, we are unable to estimate the loss to the General Revenue Fund from the passage of this bill. The bill is very broad in nature and provides no definitions of retirement or investment income. Nor does the bill provide a definition of long-term care facilities.
    
    There would be no additional administrative costs to the State Tax Department from the passage of this bill.
    



Memorandum


    The stated purpose of this bill is to provide a personal income tax modification for retirees who are in long-term care facilities who also receive retirement or investment income.
    
    This bill does not provide a definition of “retirement income” or “investment income”, nor is there a definition or statement of what qualifies as a “long-term care facility”. Also, there is no effective date for the tax year when the use of the reducing modification may commence.
     Person submitting Fiscal Note: Mark Muchow
     Email Address: kerri.r.petry@wv.gov