FISCAL NOTE
FUND(S):
General Revenue Fund, State Road Fund, Medicaid State Share Fund, Special Medical School Fund, local governments
Sources of Revenue:
General Fund,Other Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to rewrite the tax laws of the state to become effective upon the voter’s ratification of the Fair Taxation Amendment to the Constitution of West Virginia.
Due to the magnitude of proposed tax law revisions, the Tax Department is unable to accurately estimate the revenue impact nor the additional administrative costs associated with passage of this bill during a normal Legislative session. In addition, the language of this bill needs updated to avoid retroactive tax applications and to fully account for various tax law changes put in place after the recommendations of the Commission on Fair Taxation were first made public in 1999.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2006
Increase/Decrease
(use"-") |
2007
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):
Due to the magnitude of proposed tax law revisions, the Tax Department is unable to accurately estimate the revenue impact nor the additional administrative costs associated with passage of this bill during a normal Legislative session. In addition, the language of this bill needs updated to avoid retroactive tax applications and to fully account for various tax law changes put in place after the recommendations of the Commission on Fair Taxation were first made public in 1999.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us