FISCAL NOTE
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
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 allow a subtraction from federal gross income any amount paid by a trust established by the parents (now deceased) of an autistic minor for the support of the minor for state income tax purposes.
As written, this bill would allow a decreasing modification to federal adjusted gross income for any taxpayer who makes a payment into a trust created by the decedent parents of an autistic minor for the support of that minor. The modification is limited to the taxable year in which the payment is made and may be carried forward five taxable years.
Due to the lack of available data, the State Tax Department is unable to accurately estimate the loss in Personal Income Tax revenue to the General Revenue Fund from the passage of this bill.
There would be no additional administrative costs to the State Tax Department from the passage of this bill.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2009
Increase/Decrease
(use"-") |
2010
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 stated purpose of this bill is to allow a subtraction from federal gross income any amount paid by a trust established by the parents (now deceased) of an autistic minor for the support of the minor for state income tax purposes.
As written, this bill would allow a decreasing modification to federal adjusted gross income for any taxpayer who makes a payment into a trust created by the decedent parents of an autistic minor for the support of that minor. The modification is limited to the taxable year in which the payment is made and may be carried forward five taxable years.
Due to the lack of available data, the State Tax Department is unable to accurately estimate the loss in Personal Income Tax revenue to the General Revenue Fund from the passage of this bill.
There would be no additional administrative costs to the State Tax Department from the passage of this bill.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us