Date Requested: January 30, 2015
Time Requested: 03:11 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2605 Introduced HB2562
CBD Subject: Counties


FUND(S):

Sales Tax Increment Financing District Fund

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 stated purpose of this bill is to authorize recalculation of the base tax revenue amount, subject to specified limitations, for sales tax increment financing districts, and to specify that, if sales tax increment financing district monthly revenue is insufficient to recover the base tax revenue amount attributable to that month, the deficit carries forward to subsequent months until paid, but will be discharged on the first day of the next fiscal year.
    
    The revenue impact of the authorization of recalculation are incorporated into the Governor’s estimates.
    
    Additional administrative costs to the State Tax Department should be offset by the one percent collection of the State Tax Department from additional revenue generated by the tax increment financing districts.
    



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):


    The revenue impact of the authorization of recalculation are incorporated into the Governor’s estimates.
    
    Additional administrative costs to the State Tax Department should be offset by the one percent collection of the State Tax Department from additional revenue generated by the tax increment financing districts.
    



Memorandum


    



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