Date Requested: January 26, 2015
Time Requested: 02:45 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2477 Introduced SB303
CBD Subject: Tax


FUND(S):

General Revenue Fund, School Major Improvement Fund, School Construction Fund

Sources of Revenue:

General Fund,Special 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 reduce the amount of sales tax proceeds dedicated to the School Major Improvement Fund by $2,000,004 for fiscal years 2016, 2017, 2018, 2019, and 2020, and to reduce the amount of sales tax proceeds dedicated to the School Construction Fund by $6 million for fiscal years 2016, 2017, 2018, 2019, and 2020, and to make stylistic changes consistent with current drafting practices.
    
    According to our interpretation, passage of this bill would result in a total $8 million reduction in annual General Revenue Fund sales tax transfers to the State School Building Authority, including $2 million to the School Major Improvement Fund and $6 million to the School Construction Fund for fiscal years 2016, 2017, 2018, 2019 and 2020. This proposed change is reflected in the Official General Fund revenue estimates for Fiscal Year 2016.
    
    There would be no additional administrative costs for the Tax Department.
    



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):


    According to our interpretation, passage of this bill would result in a total $8 million reduction in annual General Revenue Fund sales tax transfers to the State School Building Authority, including $2 million to the School Major Improvement Fund and $6 million to the School Construction Fund for fiscal years 2016, 2017, 2018, 2019 and 2020. This proposed change is reflected in the Official General Fund revenue estimates for Fiscal Year 2016.
    
    There would be no additional administrative costs for the Tax Department.
    



Memorandum


    



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