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 clarify application of, and limitations on, the tax credit against West Virginia state personal income tax for qualified purchases and installation of solar energy systems by qualified taxpayers. The passage of this bill would have no revenue consequences for the General Revenue Fund. The bill sets forth the criteria for determining the qualifications of taxpayers and the solar energy systems for which the credit may be claimed against personal income tax, up to an amount of $2,000. The bill also sets forth provisions for carry forward and recapture, and prohibitions against carry back, reduction of tax liability to zero and transferability of the credit. In addition, the bill requires the Tax Commissioner to create a report evaluating the cost of the credit. 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
2010
Increase/Decrease
(use"-")
2011
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 clarify application of, and limitations on, the tax credit against West Virginia state personal income tax for qualified purchases and installation of solar energy systems by qualified taxpayers. The passage of this bill would have no revenue consequences for the General Revenue Fund. The bill sets forth the criteria for determining the qualifications of taxpayers and the solar energy systems for which the credit may be claimed against personal income tax, up to an amount of $2,000. The bill also sets forth provisions for carry forward and recapture, and prohibitions against carry back, reduction of tax liability to zero and transferability of the credit. In addition, the bill requires the Tax Commissioner to create a report evaluating the cost of the credit. 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: kerri.r.petry@wv.gov