Date Requested:February 03, 2011
Time Requested:01:10 PM
Agency: State Tax Department
CBD Number: Version: Bill Number: Resolution Number:
2011R2341 Introduced HB2993
CBD Subject: Commercial Patents Incentives Tax Act
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 make technical changes to correct some infirmities related to incorrect terminology, unworkable effective dates, and to disallow some related transactions within the Commercial Patent Incentives Tax Act.
    
    According to our interpretation, this bill primarily makes a number of technical corrections. In addition to correcting and clarifying definitions and effective dates, passage of this bill would preclude claiming tax credits under the Commercial Patent Incentives Act for any activity, investment, assets or expenditures for which other tax credits have been authorized, taken or allowed. According to our interpretation, passage of this bill would have a minimal impact on State revenue.
    
    There will be no additional administrative costs for 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 0
3. Explanation of above estimates (including long-range effect):
    According to our interpretation, this bill primarily makes a number of technical corrections. In addition to correcting and clarifying definitions and effective dates, passage of this bill would preclude claiming tax credits under the Commercial Patent Incentives Act for any activity, investment, assets or expenditures for which other tax credits have been authorized, taken or allowed. According to our interpretation, passage of this bill would have a minimal impact on State revenue.
    
    There will be no additional administrative costs for the State Tax Department associated with passage of this bill.
    
    


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