FISCAL NOTE
FUND(S):
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 legislation is extend the Tourism Development Tax Credit as well as increase the amount of credit available from 1.5 million dollars to 2.5 million dollars a year. It also does away with the requirement that a feasibility study on each project be performed by an outside consultant at the expense of the applicant. Since the Development Office is alredy operating the program we do anticipate increase in costs at this time.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2014
Increase/Decrease
(use"-") |
2015
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 we stated above we currently operate the program with our existing staff , so we do not anticipate any need to add staff. However , under the previous legislation the applicant had to cover the costs of a study by independent consultant to evaluate the project. Since this legislation does require a study any more , we are not sure who is going to cover the costs if we need to bring in a consultant in order to properly evaluate a project in a timely manner.
Memorandum
Person submitting Fiscal Note: Carl D Smith
Email Address: carl.d.smith@wv.gov