FISCAL NOTE
Date Requested: January 20, 2022
Time Requested: 02:31 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2135 |
Introduced |
SB447 |
|
|---|
| CBD Subject: |
Taxation |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
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 $5,000 tax credit for nurses to West Virginia personal income tax liabilities.
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be $106.0 million per year beginning in FY2023. Provisions of this bill would become effective after December 31, 2021.
Additional administrative costs incurred by the State Tax Department are expected to be $37,500 in FY2023 and $$22,500 in subsequent fiscal years.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2022
Increase/Decrease
(use"-") |
2023
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
37,500 |
22,500 |
| Personal Services |
0 |
22,500 |
22,500 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
15,000 |
0 |
| 2. Estimated Total Revenues |
0 |
-106,000,000 |
-106,000,000 |
Explanation of above estimates (including long-range effect):
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be $106.0 million per year beginning in FY2023. Provisions of this bill would become effective after December 31, 2021.
Additional administrative costs incurred by the State Tax Department are expected to be $37,500 in FY2023 and $$22,500 in subsequent fiscal years.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov