FISCAL NOTE
Date Requested: February 28, 2017
Time Requested: 01:19 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2516 |
Introduced |
SB464 |
|
|---|
| CBD Subject: |
|
|---|
|
FUND(S):
7152
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.
Senate Bill 464, if enacted will have no fiscal impact on the Offices of the Insurance Commissioner.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2017
Increase/Decrease
(use"-") |
2018
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):
Memorandum
SB 464, if enacted, would eliminate taxation on annuity considerations collected and received by a life insurer.
SB 464 would have no significant impact on the revenues, expenses, or operations of the Offices of the Insurance Commissioner.
The revenues collected under ยง33-3-15 are not retained by the Offices of the Insurance Commissioner, but are deposited into the Insurance Tax Fund Account and then transferred to the State's General Revenue Account by the State Treasurer's Office (STO).
The State Treasurer's Office should be consulted in order to obtain their input regarding impact to the State's General Revenue Fund.
Person submitting Fiscal Note: Melinda Ashworth Kiss
Email Address: Melinda.A.Kiss@wv.gov