Date Requested: January 19, 2015
Time Requested: 09:40 AM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
1313 Introduced SB85
CBD Subject: Tax


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 stated purpose of this bill is to increase adjustments to gross income for military, National Guard and Reserve retirement income of resident individuals from $20,000 to $25,000.
    
    The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, beginning in FY2017.
    
    Additional administrative costs to the State Tax Department associated with passage of this bill would be minimal.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2015
Increase/Decrease
(use"-")
2016
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 -670,000


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


    The bill increases existing military pension income exclusions from up to $22,000 per year to up to $27,000 per year. Passage of this bill would reduce General Revenue Fund collections by roughly $670,000, beginning in FY2017.
    
    Additional administrative costs to the State Tax Department associated with passage of this bill would be minimal.
    



Memorandum


    



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