FISCAL NOTE
FUND(S):
General Revenue Fund, local governments
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 eliminate the state excise tax on the transfer of real property and to increase the county excise tax on the transfer of real property by that same amount.
As written, the bill would eliminate the State portion of the excise tax of the transfer of real property and double the county excise tax on real property transfers. Passage of this bill would result in a loss to the General Revenue Fund of $8.2 million and a gain to counties Statewide of $8.2 million beginning in FY2011.
There would be no additional administrative costs.
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):
As written, the bill would eliminate the State portion of the excise tax of the transfer of real property and double the county excise tax on real property transfers. Passage of this bill would result in a loss to the General Revenue Fund of $8.2 million and a gain to counties Statewide of $8.2 million beginning in FY2011.
There would be no additional administrative costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov