Date Requested:March 14, 2013
Time Requested:10:37 AM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2013R1042 Introduced SB513
CBD Subject: MILITARY EXEMPT
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 increase adjustments to gross income for military, National Guard and Reserve retirement income of resident individuals from $20,000 to $25,000.
    
    The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, 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 -670,000
3. Explanation of above estimates (including long-range effect):
    The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, 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