FISCAL NOTE
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 exempt from taxation certain property owned by a nonprofit organization for housing and religious and leadership training to college and university students.
The loss of revenue to the State and local governments cannot be determined. In addition to exempting certain property owned by a nonprofit organization for housing and religious and leadership training, the bill also doubles the amount of exempt property owned by a college fraternity or sorority or other eligible entity under §11-3-9(a)(15) from one acre to two acres.
Additional administrative costs to the State Tax Department or local governments cannot be determined.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2008 Increase/Decrease (use"-") |
2009 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 does not have sufficient data to estimate the revenue loss to the State and local governments due to passage of this bill.
Additional administrative costs to the State Tax Department or local governments cannot be determined.
Memorandum
The stated purpose of this bill is to exempt from taxation certain property owned by a nonprofit organization for housing and religious and leadership training to college and university students.
The bill would double the amount of exempt property owned by a college fraternity or sorority or other eligible entity under §11-3-9(a)(15) from one acre to two acres.
The bill does not define key terms, such as “nonprofit corporation” or “religious and leadership training”.
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us