FISCAL NOTE
FUND(S):
General Revenue Fund, local government funds
Sources of Revenue:
General Fund,Other Fund local government funds
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 bring the West Virginia Tax Increment Financing Act up to current regulations and provide for financing regulations for development of infrastructure.
Among the changes proposed by this bill is the replacement of the term “capital improvements” and its definition with the term “infrastructure improvements” and its definition, a reduction from 30 years to 20 years for the length of tax increment financing obligations, and additional requirements for project plans.
According to our interpretation, the changes proposed by the bill may expand the type of projects eligible for tax increment financing. However, we are unable to accurately estimate the potential revenue impact of this legislation on State or local government revenue.
Additional administrative costs to the State and to local governments attributable to passage of this bill cannot be accurately estimated.
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):
Passage of this bill would bring the West Virginia Tax Increment Financing Act up to current regulations and provide for financing regulations for development of infrastructure.
Among the changes proposed by this bill is the replacement of the term “capital improvements” and its definition with the term “infrastructure improvements” and its definition, a reduction from 30 years to 20 years for the length of tax increment financing obligations, and additional requirements for project plans.
According to our interpretation, the changes proposed by the bill may expand the type of projects eligible for tax increment financing. However, we are unable to accurately estimate the potential revenue impact of this legislation on State or local government revenue.
Additional administrative costs to the State and to local governments attributable to passage of this bill cannot be accurately estimated.
Memorandum
The stated purpose of this bill is to bring the West Virginia Tax Increment Financing Act up to current regulations and provide for financing regulations for development of infrastructure.
The proposal may have typographical errors as follows:
In proposed §7-11B-2(25)(C), “it” should read “is”;
In proposed §7-11B-2(25)(H), “convenience” should read “convenient”; and
In proposed §7-11B-7(f), “taxes” should read “tax.”
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us