FISCAL NOTE



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 FY2016. 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
2014
Increase/Decrease
(use"-")
2015
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


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 FY2016. 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