| Date Requested:January 17, 2012 Time Requested:01:30 PM |
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| FUND(S) Division of Forestry Severance Tax Operations Fund | |||
|---|---|---|---|
Sources of Revenue | |||
| Special Fund | |||
Legislation creates:
Neither Program nor Fund | |||
Effect this measure will have on costs and revenues of state government.
| The stated purpose of this bill is to eliminate the timber severance tax for an additional three years.
According to our interpretation, passage of this bill would extend the discontinuation of the Severance Tax on timber levied via W. Va. Code §11-13A-3b through 2015. The bill would result in reductions in the Division of Forestry Severance Tax Operations Fund of roughly $1.0 million per year for FY2013 through 2015. Additional administrative costs to the State Tax Department associated with this bill would be minimal. |
| Over-all effect |
| Effect of Proposal | Fiscal Year | ||
|---|---|---|---|
| 2012 Increase/Decrease (use"-") |
2013 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
| 1. Estmated Total Cost | 0 | 830 | 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 | -1,000,000 | 0 |
|
3. Explanation of above estimates (including long-range effect):
Passage of this bill would extend the discontinuation of the Severance Tax on timber levied via W. Va. Code §11-13A-3b through 2015. The bill would result in reductions in the Division of Forestry Severance Tax Operations Fund of roughly $1.0 million per year for FY2013 through 2015.
Additional administrative costs to the State Tax Department associated with this bill would be minimal. |