Date Requested:February 22, 2011
Time Requested:01:29 PM
Agency: Economic Development Authority
CBD Number: Version: Bill Number: Resolution Number:
2011R2700 Introduced SB518
CBD Subject: HIGH-GROWTH BUSINESS INVESTMENT TAX CREDIT
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
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 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
3. 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
Person submitting Fiscal Note:
David Warner
Email Address:
David.A.Warner@wv.gov
    none