FISCAL NOTE
Date Requested: January 16, 2015
Time Requested: 11:17 AM |
| Agency: |
Tax Department, State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1982 |
Introduced |
HB2167 |
|
|---|
| CBD Subject: |
Tax |
|---|
|
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 $500 tax credit to volunteer firefighters who have up-to-date credentials and who have responded to at least five verified calls in the taxable year.
As written, the passage of this bill states that any volunteer firefighter who has up-to-date credentials and who has responded to at least five verified calls in the taxable year will be entitled to a $500 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, this bill would not become effective until the 2016 tax year.
Additional administrative costs to the State Tax Department would be roughly $25,000 per year to monitor the accuracy of tax credit claims for an estimated 6,000 taxpayers.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2015
Increase/Decrease
(use"-") |
2016
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
40,000 |
25,000 |
| Personal Services |
0 |
25,000 |
25,000 |
| Current Expenses |
0 |
15,000 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
-3,300,000 |
Explanation of above estimates (including long-range effect):
As written, the passage of this bill states that any volunteer firefighter who has up-to-date credentials and who has responded to at least five verified calls in the taxable year will be entitled to a $500 credit against his or her personal income tax for that tax year. Passage of this bill would result in a loss to the General Revenue Fund of roughly $3.3 million per year beginning in FY2017. Due to the lack of an internal effective date, this bill would not become effective until the 2016 tax year.
Additional administrative costs to the State Tax Department would be roughly $25,000 per year to monitor the accuracy of tax credit claims for an estimated 6,000 taxpayers.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov