FISCAL NOTE
FUND(S):
Tax Increment Financing Districts, Local Government Property Tax
Sources of Revenue:
Other Fund Tax Increment Financing D
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 add items to those which are excluded from base assessed value and current assessed value of real and personal property in the tax increment financing article.
As written, this bill would add personal trailers, personal boats, personal campers, personal motor homes, personal all terrain vehicles (ATV), and personal motorcycles to those items to be excluded in determining “base assessed value’ for purposes of tax increment financing (TIF) districts. Currently, only personal motor vehicles are excluded.
According to our interpretation, passage of this bill would have minimal revenue consequences for both tax increment financing (TIF) districts and local government entities.
Additional administrative costs to the State Tax Department, tax increment financing (TIF) districts, and local government entities attributable to passage of this bill would be minimal.
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 written, this bill would add personal trailers, personal boats, personal campers, personal motor homes, personal all terrain vehicles (ATV), and personal motorcycles to those items to be excluded in determining “base assessed value’ for purposes of tax increment financing (TIF) districts. Currently, only personal motor vehicles are excluded.
According to our interpretation, passage of this bill would have minimal revenue consequences for both tax increment financing (TIF) districts and local government entities.
Additional administrative costs to the State Tax Department, tax increment financing (TIF) districts, and local government entities attributable to passage of this bill would be minimal.
Memorandum
Person submitting Fiscal Note: Mark B. Muchow
Email Address: Roger.D.Cox@wv.gov