Date Requested: January 21, 2015
Time Requested: 10:43 AM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2377 Introduced SB264
CBD Subject: Corporations


FUND(S):

General Revenue Fund, West Virginia Infrastructure General Obligation Debt Service Fund

Sources of Revenue:

General Fund,Other 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 change the amount of severance tax revenue annually dedicated to the West Virginia Infrastructure General Obligation Debt Service Fund from $23 million to $22.5 million.
    
    This reallocation of funds is included in the Governor’s official revenue estimates. The move will capture interest savings due to the recent refunding effort.
    
    There would be no additional administrative costs.
    



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 0


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


    This reallocation of funds is included in the Governor’s official revenue estimates. The move will capture interest savings due to the recent refunding effort.
    
    There would be no additional administrative costs.
    



Memorandum


    



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