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 purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year. As written, this bill could reduce General Revenue collections by up to $3.1 million beginning in FY2012. Due to the lack of an internal effective date, this bill would not become effective until the 2011 tax year. There would be no additional administrative costs to the State Tax Department.



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 -3,100,000


Explanation of above estimates (including long-range effect):


The purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year. There are approximately 12,495 volunteer and professional firefighters in the state of West Virginia. Assuming that both volunteer and professional firefighters would both be eligible to claim the full $250 tax credit against their personal income tax liability, the revenue loss to the state could be as much as $3.1 million.



Memorandum


The purpose of this bill is to provide a $250 tax credit to firefighters who have up to date credentials for the taxable year. This bill does not define “firefighter” or “firemen.” It also does not define “up to date credentials.”



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov