FISCAL NOTE
Date Requested: February 10, 2017 Time Requested: 01:19 PM |
Agency: |
Motor Vehicles, WV Division of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1475 |
Introduced |
HB2328 |
|
CBD Subject: |
Motor Vehicles |
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|
FUND(S):
Road Fund
Sources of Revenue:
Special Fund
Legislation creates:
A New Program
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to exempt certain vehicles used in farming (Class X vehicles) from the tax imposed upon the privilege of effecting the certification of title of a motor vehicle.
There were 3078 Class X vehicles registered at the end of the 2016 Fiscal Year. In the 2016 Fiscal Year 608 vehicles were added with taxes collected ranging from $545 to $2921. As an estimate the revenue loss in 2016 would have been between $331,360 and $1,775,958.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 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 |
331,360 |
-331,360 |
-331,360 |
Explanation of above estimates (including long-range effect):
608 Class X Vehicles Registered in 2016
$ 545 Least tax paid on Class X in 2016
$ 331,360 Total
Memorandum
Person submitting Fiscal Note: Raeann Kriner
Email Address: raeann.k.kriner@wv.gov