Date Requested:March 18, 2013
Time Requested:02:21 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
Introduced HB2708
CBD Subject: LEGISLATIVE RULES
FUND(S)
General Revenue Fund, Local Governments funds
Sources of Revenue
General Fund,Other Fund Local Property Tax Revenu
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 authorize the State Tax Department to promulgate a Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes.
    
     As written, the bill authorizes the Legislative Rule for Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes, as modified per the Legislative Rule-Making Review Committee and filed in the State Register by the State Tax Department on December 6, 2012. According to our interpretation, this bill does not alter the valuation methodologies for commercial and industrial property provided in the Legislative Rule, thus any revenue or administrative cost impacts are expected to 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, the bill authorizes the Legislative Rule for Valuation of Commercial and Industrial Real and Personal Property for Ad Valorem Property Tax Purposes, as modified per the Legislative Rule-Making Review Committee and filed in the State Register by the State Tax Department on December 6, 2012. According to our interpretation, this bill does not alter the valuation methodologies for commercial and industrial property provided in the Legislative Rule, thus any revenue or administrative cost impacts are expected to be minimal.
    


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