FISCAL NOTE

Date Requested: March 15, 2017
Time Requested: 04:22 PM
Agency: Treasurer's Office, WV
CBD Number: Version: Bill Number: Resolution Number:
2516 Introduced SB464
CBD Subject: Insurance, Taxation


FUND(S):

GENERAL 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 purpose of Senate Bill 464 is to eliminate taxation on annuity considerations collected and received by a life insurer. The West Virginia State Treasurer’s Office does not have access to all of the information necessary to provide an estimated amount of the fiscal impact. Each month the Treasurer’s Office transfers amounts in the Insurance Tax Fund to the General Revenue Fund pursuant to W. Va. Code §33-3-14, but the annuity tax collected pursuant to W. Va. Code §33-3-15 is not the only revenue received by the Insurance Tax Fund (Fund 1331). In addition, there are credits and refunds available for the various taxes received in the Insurance Tax Fund. Only the West Virginia Insurance Commissioner would have the necessary information to determine the fiscal impact of Senate Bill 464 to the State.



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):


See above



Memorandum






    Person submitting Fiscal Note: Diana Stout
    Email Address: diana.stout@wvsto.com