FISCAL NOTE
Date Requested: February 12, 2025
Time Requested: 07:23 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1621 |
Introduced |
HB2060 |
|
|---|
| 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.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The stated purpose of this bill is to create a tax exemption for agricultural cooperative associations.
According to our interpretation, this bill would exempt agricultural cooperative associations from the State Business & Occupation Tax for tax years beginning on or after January 1, 2025. Since agricultural cooperative associations are not subject to State Business & Occupation Tax, passage of this bill would have no fiscal impact on the General Revenue Fund. The provisions of this bill would not affect any municipal Business & Occupation taxes.
There would be no additional administrative costs incurred by the State Tax Department.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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):
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 our interpretation, this bill would exempt agricultural cooperative associations from the State Business & Occupation Tax for tax years beginning on or after January 1, 2025. Since agricultural cooperative associations are not subject to State Business & Occupation Tax, passage of this bill would have no fiscal impact on the General Revenue Fund. The provisions of this bill would not affect any municipal Business & Occupation taxes.
There would be no additional administrative costs incurred by the State Tax Department.
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.
Person submitting Fiscal Note: Mark Muchow
Email Address: radfiscal@wv.gov