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 provide a credit against personal income tax for classroom teachers for non-reimbursed costs of supplies. The credit may not exceed $100 or any federal tax credit.
This bill provides a Personal Income Tax credit for up to $100 for classroom teachers who use their own funds for non-reimbursed classroom supplies. Passage of this bill would result in a reduction to the General Revenue Fund of up to $2.1 million, beginning in FY2016.
Additional administrative costs to the State Tax Department would be approximately $57,000 in FY2016 and $41,000 in subsequent years.
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 |
41,000 |
| Personal Services |
0 |
0 |
41,000 |
| 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 |
-2,100,000 |
Explanation of above estimates (including long-range effect):
This bill provides a tax credit for up to $100 for classroom teachers who use their own funds for non-reimbursed classroom supplies. Assuming that all of West Virginia’s 21,093 pre-K through grade 12 teachers take the maximum credit of $100, passage of this bill would result in a reduction to the General Revenue Fund of up to $2.1 million, beginning in FY2016.
Additional administrative costs to the State Tax Department would be approximately $57,000 in FY2016 and $41,000 in subsequent years.
Memorandum
Person submitting Fiscal Note: Mark B. Muchow
Email Address: Roger.D.Cox@wv.gov