FISCAL NOTE
Date Requested: January 15, 2016 Time Requested: 03:48 PM |
Agency: |
Tax Department, State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1803 |
Introduced |
HB4029 |
|
CBD Subject: |
Taxation |
---|
|
FUND(S):
General Revenue Fund, Special Railroad and Intermodal Enhancement Fund
Sources of Revenue:
General Fund,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 eliminate dedication of corporation net income tax revenues to and deposits of such revenues into the Special Railroad Intermodal Enhancement Fund on and after January 1, 2016.
The provisions of this bill would eliminate quarterly transfers of $1.075 million from the State General Revenue Fund into the Special Railroad and Intermodal Enhancement Fund effective on or after January 1, 2016. Passage of this bill would effectively increase General Revenue Fund revenues by $2.15 million in FY2016 and by $4.3 million each year thereafter. The elimination of the General Revenue Fund transfer to the Special Railroad and Intermodal Enhancement Fund is included in the budget presented by the Governor in his estimates for FY2017.
There would be no additional administrative costs.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 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 provisions of this bill would eliminate quarterly transfers of $1.075 million from the State General Revenue Fund into the Special Railroad and Intermodal Enhancement Fund effective on or after January 1, 2016. Passage of this bill would effectively increase General Revenue Fund revenues by $2.15 million in FY2016 and by $4.3 million each year thereafter. The elimination of the General Revenue Fund transfer to the Special Railroad and Intermodal Enhancement Fund is included in the budget presented by the Governor in his estimates for FY2017.
There would be no additional administrative costs.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov