Date Requested: February 18, 2015
Time Requested: 05:00 PM
Agency: State Tax & Revenue Department
CBD Number: Version: Bill Number: Resolution Number:
2764 Introduced HB2773
CBD Subject: Tax


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 provide a greater incentive for hiring West Virginia workers, by adjusting the amount of tax credit authorized as a percentage of qualified expenditures for purposes of calculating the West Virginia Film Industry Investment Tax Credit (1) by decreasing the percentage of expenditures that will qualify for tax credit on qualified projects that do not employ ten or more West Virginia residents as part of the full time employees working on the project in West Virginia or as apprentices working in West Virginia and (2) by increasing the percentage of expenditures that will qualify for tax credit on qualified projects that do employ ten or more West Virginia residents as part of the full time employees working on the project in West Virginia or as apprentices working in West Virginia.
    
    The maximum allowable credit for the WV Film Industry Investment Tax Credit is $5 million in any given fiscal year. There would be no revenue impact because increasing the qualified expenditures based on projects hiring ten or more West Virginia residents would not change the maximum allowable tax credit.
    
    The State Tax Department would not incur any additional administrative costs upon 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):


    The maximum allowable credit for the WV Film Industry Investment Tax Credit is $5 million in any given fiscal year. There would be no revenue impact because increasing the qualified expenditures based on projects hiring ten or more West Virginia residents would not change the maximum allowable tax credit.
    
    The State Tax Department would not incur any additional administrative costs upon passage of this bill.
    



Memorandum


    



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