FISCAL NOTE
Date Requested: February 25, 2016 Time Requested: 10:35 AM |
Agency: |
Tax Department, State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2002 |
Engrossed |
HB4145 |
|
CBD Subject: |
Public Safety |
---|
|
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 purpose of this bill is to authorize residents of the State of West Virginia to carry a firearm in a concealed manner, without permit, so long as certain conditions are met.
In addition, this bill allows a Personal Income Tax credit of up to $50 for the cost of a concealed weapon safety course. If the costs of the course is less than $50, then the tax credit may be applied to fees associated with the initial application. Based on available data, the revenue loss due to passage would be $1.5 million per year, beginning in FY2018.
The State Tax Department would incur $19,000 in additional administrative costs in FY2018 and $10,000 per year in subsequent fiscal years.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
0 |
0 |
10,000 |
Personal Services |
0 |
0 |
10,000 |
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 |
-1,500,000 |
Explanation of above estimates (including long-range effect):
This fiscal note only addresses the tax credit portion of this bill. The bill allows a Personal Income Tax credit of up to $50 for the cost of a concealed weapon safety course. If the costs of the course is less than $50, then the tax credit may be applied to fees associated with the initial application. Based on available data, the revenue loss due to passage would be $1.5 million per year, beginning in FY2018.
The State Tax Department would incur $19,000 in additional administrative costs in FY2018 and $10,000 per year in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov