FISCAL NOTE
Date Requested: March 15, 2017
Time Requested: 09:46 AM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2266 |
Introduced |
HB2734 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund, local governments
Sources of Revenue:
General Fund,Other Fund local property tax
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 authorize a method for the collection and remittance of property taxes related to dealer’s heavy equipment inventory. Current law does not provide any special guidance in this regard.
The State Tax Department cannot quantify the tax impact of this proposal.
Additional administrative costs to local governments are unknown. Additional administrative costs to the State Tax Department would be minimal.
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 |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
The State Tax Department cannot quantify the tax impact of this proposal.
Additional administrative costs to local governments are unknown. The bill requires the assessors, for dealers who are not in business the entire year, to estimate market value based on available rental data for a portion of the year. Additionally, the assessor would have to compare calculated values at the lowest value in current appraisal guides. Additional administrative costs to the State Tax Department would be minimal.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov