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 modify the time period in which the authority may allocate the tax credits available under the capital company act during the fiscal year beginning on the first day of July, two thousand four.
    
    According to our interpretation, this bill merely proposes a technical change pertaining to the time period in which the West Virginia Economic Development Authority may authorize West Virginia Capital Company Act tax credits for the fiscal year beginning July 1, 2004. There would be no change in revenue due to passage of this bill.
    
    There are no additional administrative costs to the State Tax Department associated with this bill.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2005
Increase/Decrease
(use"-")
2006
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


Explanation of above estimates (including long-range effect):


    Passage of this bill will provides a technical change pertaining to the time period in which the West Virginia Economic Development Authority may authorize West Virginia Capital Company Act tax credits for the fiscal year beginning July 1, 2004. There would be no change in revenue due to passage of this bill.
    
    There are no additional administrative costs to the State Tax Department associated with this bill.



Memorandum


     Person submitting Fiscal Note: Mark Muchow
     Email Address: kpetry@tax.state.wv.us