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 eliminate the residential rehabilitated building tax credit program.
    
     As written, this bill proposes that no Qualified Rehabilitated Residential Building Investment Tax Credit may be authorized for expenses occurring on or after July 1, 2013. According to our interpretation and based upon current Qualified Rehabilitated Residential Building Investment Tax Credit claims, the termination of this credit program will result in an annual increase in the General Revenue Fund of roughly $150,000 per year beginning in FY2015.
    
     There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
    



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 proposes that no Qualified Rehabilitated Residential Building Investment Tax Credit may be authorized for expenses occurring on or after July 1, 2013. According to our interpretation and based upon current Qualified Rehabilitated Residential Building Investment Tax Credit claims, the termination of this credit program will result in an annual increase in the General Revenue Fund of roughly $150,000 per year beginning in FY2015.
    
     There would be no additional administrative costs to the State Tax Department associated with passage of this bill.
    



Memorandum


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