FISCAL NOTE
FUND(S):
General RevenueFund
Sources of Revenue:
General 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 bill is to provide a $250 tax credit to firefighters who have up-to-date credentials for the taxable year.
The proposed bill states that any firefighter who has up to date credentials for a taxable year will be entitled to a $250 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $2.1 million per year beginning in FY2015. Due to the lack of an internal effective date, this bill would not become effective until the 2014 tax year.
Additional administrative costs to the State Tax Department would be minimal.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2013 Increase/Decrease (use"-") |
2014 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 |
-2,100,000 |
Explanation of above estimates (including long-range effect):
The proposed bill states that any firefighter who has up to date credentials for a taxable year will be entitled to a $250 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $2.1 million per year beginning in FY2015. Due to the lack of an internal effective date, this bill would not become effective until the 2014 tax year.
Additional administrative costs to the State Tax Department would be minimal.
Memorandum
The State Fire Commission is currently considering altering the minimum training requirements for firefighters. If this were to happen it could significantly alter the fiscal impact of the bill.
Person submitting Fiscal Note: Mark B. Muchow
Email Address: Roger.D.Cox@wv.gov