Date Requested: February 03, 2015
Time Requested: 02:26 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2086 Introduced HB2579
CBD Subject: Education (Higher)


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 allow a tax deduction for all prepaid tuition contracts or college savings plan regardless of whether they are administered by the board of college prepaid tuition and savings program.
    
    This bill extends a tax deduction available for 529 plans to all plans falling under 26 USC §529, not just plans administered by the Board of Trustees of the College Pre-paid Tuition and Savings Program. The revenue loss from this proposal would not be significant.
    
    Additional administrative costs would be $5,000 per year beginning in FY2016.



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 5,000 5,000
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 bill extends a tax deduction available for 529 plans to all plans falling under 26 USC §529, not just plans administered by the Board of Trustees of the College Pre-paid Tuition and Savings Program. The revenue loss from this proposal would not be significant.
    
    Additional administrative costs would be $5,000 per year beginning in FY2016.
    



Memorandum


    



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