FISCAL NOTE
Date Requested: February 12, 2015 Time Requested: 01:13 PM |
Agency: |
Tax Department, State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2986 |
Introduced |
HB2704 |
|
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 increase the consumer sales and use taxes by one cent (from six percent to seven percent), with certain exceptions. The tax increase authorized by this bill sunsets July 1, 2019.
According to our interpretation of the bill, the increase in the consumer sales and use taxes will increase the General Revenue Fund by roughly $210 million in FY2016, $220 million in FY2017, $230 million in FY2018, and $240 million in FY2019.
Additional administrative costs to the State Tax Department will be $5,000 in FY2015.
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 |
5,000 |
0 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
5,000 |
0 |
0 |
2. Estimated Total Revenues |
0 |
210,000,000 |
0 |
Explanation of above estimates (including long-range effect):
According to our interpretation of the bill, the increase in the consumer sales and use taxes will increase the General Revenue Fund by roughly $210 million in FY2016, $220 million in FY2017, $230 million in FY2018, and $240 million in FY2019.
Additional administrative costs to the State Tax Department will be $5,000 in FY2015.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov