FUND(S):

General Revenue Fund

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 stated purpose of this bill is to is to lower the total amount of tax credits available in a given fiscal year.
    
     As written, this bill would reduce the annual amount of Film Industry Investment Tax Credit that can be allocated from $10 million to $5 million beginning in FY2014. The savings of up to a maximum of $5 million are incorporated in the Governor’s official revenue estimates for FY2014.
    
     Additional Administrative costs to the State Tax Department associated with passage of this bill 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 0


Explanation of above estimates (including long-range effect):


     As written, this bill would reduce the annual amount of Film Industry Investment Tax Credit that can be allocated from $10 million to $5 million beginning in FY2014. The savings of up to a maximum of $5 million are incorporated in the Governor’s official revenue estimates for FY2014.
    
     Additional Administrative costs to the State Tax Department associated with passage of this bill would be minimal.
    



Memorandum


     Person submitting Fiscal Note: Mark B. Muchow
     Email Address: Roger.D.Cox@wv.gov