Date Requested:March 12, 2013
Time Requested:01:36 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2013R2532 Introduced HB2916
CBD Subject: TAX CREDIT PROGRAM ELIMINATED
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
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 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