FUND(S):

3157

Sources of Revenue:

Other 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 legislation is to continue the Neighborhood Investment Program through 2016. It also increases the aggregate tax credits allowed each year from $2,500,000 to $3,000,000.



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 20,000 20,000


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


    In order to cover the costs of administering this program , any project transferee must pay a project certification fee in the amount of 3% of the amount of the total eligible contributions to the Development Office .The $20,000.00 is the additional amount of fees that this office would collect in any fiscal year as a result of increasing the the amount of tax credits available from $2,500,000 to $3,000,000.



Memorandum


    None



    Person submitting Fiscal Note: Carl D Smith
    Email Address: carl.d.smith@wv.gov