FISCAL NOTE
Date Requested: February 03, 2015
Time Requested: 02:26 PM |
| Agency: |
State Tax & Revenue Department |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2086 |
Introduced |
HB2579 |
|
|---|
| CBD Subject: |
Education (Higher) |
|---|
|
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 allow a tax deduction for all prepaid tuition contracts or college savings plan regardless of whether they are administered by the board of college prepaid tuition and savings program.
This bill extends a tax deduction available for 529 plans to all plans falling under 26 USC §529, not just plans administered by the Board of Trustees of the College Pre-paid Tuition and Savings Program. The revenue loss from this proposal would not be significant.
Additional administrative costs would be $5,000 per year beginning in FY2016.
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 |
5,000 |
5,000 |
| 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):
This bill extends a tax deduction available for 529 plans to all plans falling under 26 USC §529, not just plans administered by the Board of Trustees of the College Pre-paid Tuition and Savings Program. The revenue loss from this proposal would not be significant.
Additional administrative costs would be $5,000 per year beginning in FY2016.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov