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 antique motor vehicles from personal property taxes.
The bill would result in an annual decrease of less than $700,000 in local property tax revenues and minimal loss in State revenue.
Additional costs to the State and local government cannot be determined.
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 |
-700,000 |
Explanation of above estimates (including long-range effect):
The bill would result in an annual decrease of less than $700,000 in local property tax revenues and minimal loss in State revenue.
Additional costs to the State and local government cannot be determined.
Memorandum
The stated purpose of this bill is to exempt antique motor vehicles from personal property taxes.
A primary concern is whether the Legislature has the authority under West Virginia Constitution Article X, Section 1, to exempt this type of property from ad valorem taxation. Only property used for certain activities (i.e., educational, literary, scientific, religious or charitable purposes) may be exempted.
Person submitting Fiscal Note: Mark Muchow
Email Address: kpetry@tax.state.wv.us