Date Requested: January 19, 2015
Time Requested: 09:43 AM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
1357 Introduced HB2055
CBD Subject: Tax


FUND(S):

General Revenue Fund, county governments

Sources of Revenue:

General Fund,Other Fund county governments

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 exempt from excise taxation the transfer of real property from an individual to a wholly-owned subsidiary or limited liability company.
    
    As written, this bill would exempt property transfers from an individual to a wholly-owned subsidiary or limited liability company from Property Transfer. Due to lack of data, we cannot determine the revenue loss to the State or county governments from this exemption.
    
    The State Tax Department would not incur any additional administrative costs associated with passage of this bill.
    



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):


    As written, this bill would exempt property transfers from an individual to a wholly-owned subsidiary or limited liability company from Property Transfer. Due to lack of data, we cannot determine the revenue loss to the State or county governments from this exemption.
    
    The State Tax Department would not incur any additional administrative costs associated with passage of this bill.
    



Memorandum


    



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