FISCAL NOTE
Date Requested: February 10, 2022 Time Requested: 04:04 PM |
Agency: |
Environmental Protection, Department of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2523 |
Introduced |
SB613 |
|
CBD Subject: |
Taxation |
---|
|
FUND(S):
Special Revenue
Sources of Revenue:
Special Fund
Legislation creates:
Increases Revenue From Existing Sources
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
Passage of SB613 will result in an increase of approximately $1,900,000, according to West Virginia Department of Revenue numbers, with no increase in costs to the Office of Oil and Gas.
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 |
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 |
1,900,000 |
1,900,000 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
According to the West Virginia Department of Revenue, the average severance tax collections per year from O&G, using FY2020 and FY2021 data was $128 million dollars. If this is accurate, and representative of future years, then 1.5% of that amount would result in approximately $1.9 million dollars into Fund 3323.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
None
Person submitting Fiscal Note: Gary Rogers
Email Address: Gary.W.Rogers@wv.gov