Date Requested:January 14, 2014
Time Requested:07:16 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2014R1624 Introduced HB4155
CBD Subject: CSST REFUNDABLE EXEMPTION
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 suspend payments of the refundable exemption to the West Virginia consumers sales and service tax to the State Road Fund for fiscal years 2015 and 2016 and to resume these payments for fiscal year 2017.
    
     As written, this bill would suspend, for fiscal years 2015 and 2016, a transfer out of the General Revenue Fund of sales and use tax determined to be attributable to sales of construction and maintenance materials for use in the construction or maintenance of a highway project. Passage of this bill would increase net revenue in the General Revenue Fund by $13 million in both FY2015 and FY2016. The $13 million increase in the General Revenue Fund is included in the Governor’s official revenue estimates for FY2015. Failure to enact this bill will result in a $13 million decrease in the General Revenue Fund estimate for FY2015.
    
     Passage of this bill will not result in any additional administrative costs to the State Tax Department.
    

Fiscal Note Detail
Over-all effect
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 13,000,000 13,000,000
3. Explanation of above estimates (including long-range effect):
     Passage of this bill would suspend, for fiscal years 2015 and 2016, a transfer out of the General Revenue Fund of sales and use tax determined to be attributable to sales of construction and maintenance materials for use in the construction or maintenance of a highway project. Passage of this bill would increase net revenue in the General Revenue Fund by $13 million in both FY2015 and FY2016. The $13 million increase in the General Revenue Fund is included in the Governor’s official revenue estimates for FY2015. Failure to enact this bill will result in a $13 million decrease in the General Revenue Fund estimate for FY2015.
    
     Passage of this bill will not result in any additional administrative costs to the State Tax Department.
    


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