FISCAL NOTE



FUND(S):

Pari-Mutuel Wagering & Daily License Tax

Sources of Revenue:

Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The bill has the potential to have a substantial negative impact on the revenues of the Racing Commission. A reduction in the number live race days will result in a reduction in the amount of Daily License Tax collected from the tracks as well as a potential reduction in the amount of state share generated from wagering conducted on Live racing.



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 -303,550 -303,550


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


The decrease in revenues is a combination of a decrease in state share generated from live racing and a decrease in the daily license tax collected for live race dates. The projected loss in state share is $258,000 and the projected loss in daily license tax is $45,550. The bill may also result in other potential losses in revenue from In-State Simulcast wagering, Occupational License fees and Fines related to Live racing. However, we are unable to accurately quantify these losses at this time.



Memorandum






    Person submitting Fiscal Note: Joe Moore
    Email Address: joe.k.moore@wv.gov