Date Requested:March 01, 2012
Time Requested:12:39 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2012R1320 Comm. Sub. HB4068
CBD Subject: VALUE ANTIQUE CARS AT SALVAGE PRICE
FUND(S)
General Revenue Fund, local governments
Sources of Revenue
General Fund,Other Fund local property tax
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 bill is to provide that antique motor vehicles be valued at $1,000.
    
    The bill would result in an annual decrease of roughly $450,000 in local property tax revenues and minimal loss in State revenue.
    
    There would be a one-time cost of $20,000 to the State Tax Department for programming changes and minimal costs to the counties for tracking antique vehicle plates.

Fiscal Note Detail
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 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 -450,000
3. Explanation of above estimates (including long-range effect):
    The bill would result in an annual decrease of roughly $450,000 in local property tax revenues and minimal loss in State revenue.
    
    There would be a one-time cost of $20,000 to the State Tax Department for programming changes and minimal costs to the counties for tracking antique vehicle plates.
    


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