Date Requested:February 02, 2011
Time Requested:11:32 AM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2011R2338 Introduced SB371
CBD Subject: TAX HAVENS
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 update the list of jurisdictions identified as being tax havens.
    
    As written, this bill will update West Virginia’s Corporation Net Income Tax Law pertaining to tax havens. Passage of this bill will adopt amendments to the list of jurisdictions identified as a tax haven or as having a harmful preferential tax regime that were published or adopted by the Organization for Economic Cooperation and Development after March 8, 2008 but before January 1, 2011. According to our interpretation, this bill merely updates the Corporation Net Income Tax law pertaining to tax havens to reflect a newer reference date. Passage of this bill should have little or no impact on current revenues.
    
    There will be no additional administrative costs to the State Tax Department associated with 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 0
3. Explanation of above estimates (including long-range effect):
    Passage of this bill will update West Virginia’s Corporation Net Income Tax Law pertaining to tax havens. Enactment of this bill will adopt amendments to the list of jurisdictions identified as a tax haven or as having a harmful preferential tax regime that were published or adopted by the Organization for Economic Cooperation and Development after March 8, 2008 but before January 1, 2011. According to our interpretation, this bill merely updates the Corporation Net Income Tax law pertaining to tax havens to reflect a newer reference date. Passage of this bill should have little or no impact on current revenues. As of December 31, 2010, no jurisdictions were identified by the Organization for Economic Cooperation and Development as a tax haven or as having a harmful preferential tax regime
    
    There will be no additional administrative costs to the State Tax Department associated with this bill.
    


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