Date Requested:February 22, 2013
Time Requested:01:27 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2013R2069 Introduced SB182
CBD Subject: WV FILM INDUSTRY ACT AMENDMENT
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
Over-all effect
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
3. 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