Date Requested:January 21, 2014
Time Requested:10:24 AM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2014R1619 Introduced SB329
CBD Subject: SPECIAL RAILROAD AND INTERMODAL ENHANCEMENT FUND
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 purpose of this bill is to extend the cessation of deposits into the Special Railroad and Intermodal Enhancement Fund to fiscal years 2015 and 2016.
    
     As written, this bill would continue, for fiscal years 2015 and 2016, the suspension of a transfer out of the General Revenue Fund of Corporation Net Income Tax. Passage of this bill would increase net revenue in the General Revenue Fund by $4.3 million in both FY2015 and FY2016. The $4.3 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 $4.3 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 0 0
3. Explanation of above estimates (including long-range effect):
     Passage of this bill would continue, for fiscal years 2015 and 2016, the suspension of a transfer out of the General Revenue Fund of Corporation Net Income Tax. Passage of this bill would increase net revenue in the General Revenue Fund by $4.3 million in both FY2015 and FY2016. The $4.3 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 $4.3 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