FISCAL NOTE
Date Requested: February 18, 2015 Time Requested: 05:00 PM |
Agency: |
State Tax & Revenue Department |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2764 |
Introduced |
HB2773 |
|
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 greater incentive for hiring West Virginia workers, by adjusting the amount of tax credit authorized as a percentage of qualified expenditures for purposes of calculating the West Virginia Film Industry Investment Tax Credit (1) by decreasing the percentage of expenditures that will qualify for tax credit on qualified projects that do not employ ten or more West Virginia residents as part of the full time employees working on the project in West Virginia or as apprentices working in West Virginia and (2) by increasing the percentage of expenditures that will qualify for tax credit on qualified projects that do employ ten or more West Virginia residents as part of the full time employees working on the project in West Virginia or as apprentices working in West Virginia.
The maximum allowable credit for the WV Film Industry Investment Tax Credit is $5 million in any given fiscal year. There would be no revenue impact because increasing the qualified expenditures based on projects hiring ten or more West Virginia residents would not change the maximum allowable tax credit.
The State Tax Department would not incur any additional administrative costs upon passage of this bill.
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 |
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):
The maximum allowable credit for the WV Film Industry Investment Tax Credit is $5 million in any given fiscal year. There would be no revenue impact because increasing the qualified expenditures based on projects hiring ten or more West Virginia residents would not change the maximum allowable tax credit.
The State Tax Department would not incur any additional administrative costs upon passage of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov