FISCAL NOTE
FUND(S):
Pari-Mutuel Wagering & Daily License Tax
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The bill has the potential to have a substantial negative impact on the revenues of the Racing Commission. A reduction in the number live race days will result in a reduction in the amount of Daily License Tax collected from the tracks as well as a potential reduction in the amount of state share generated from wagering conducted on Live racing.
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 |
-303,550 |
-303,550 |
Explanation of above estimates (including long-range effect):
The decrease in revenues is a combination of a decrease in state share generated from live racing and a decrease in the daily license tax collected for live race dates. The projected loss in state share is $258,000 and the projected loss in daily license tax is $45,550. The bill may also result in other potential losses in revenue from In-State Simulcast wagering, Occupational License fees and Fines related to Live racing. However, we are unable to accurately quantify these losses at this time.
Memorandum
Person submitting Fiscal Note: Joe Moore
Email Address: joe.k.moore@wv.gov