FISCAL NOTE
FUND(S):
Sources of Revenue:
General Fund,Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
It will potentially cost the state the amount of tax credits authorized on an annual basis. Current version of bill is 2.0 million annually. Will also cost WVEDA approximately 20,000 annually in administrative costs which must be covered by WVEDA from special revenue accounts.
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 |
2,000,000 |
2,000,000 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
20,000 |
20,000 |
| 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):
20,000 annual cost is primarily legal expense associated with drafting amended legislative rules and approval process of amended legislative rules plus staff administration time to process tax credit applications and perform necessary due diligence.
Memorandum
none
Person submitting Fiscal Note: David Warner
Email Address: David.A.Warner@wv.gov