FISCAL NOTE
Date Requested: March 17, 2017 Time Requested: 02:12 PM |
Agency: |
Tax & Revenue Department, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3248 |
Introduced |
SB647 |
|
CBD Subject: |
Counties |
---|
|
FUND(S):
Local Government
Sources of Revenue:
Other Fund local governments
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 repeal §8A-12-21 which imposes an additional county excise tax on the privilege of transferring real property for the purposes of funding farmland preservation, and to replace the same by amending §11-22-2 to add subsection (c) which provides for an additional county excise tax on the privilege of transferring real property for the purposes of funding the county farmland preservation program and the operations, programs and activities of the local economic development corporation or authority.
There will be no effect on the General Revenue Fund.
Additional revenue of up to $10.2 million for farmland protection funds or county economic development corporations could be realized if all fifty-five counties levy an additional excise tax.
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 |
10,200,000 |
10,200,000 |
Explanation of above estimates (including long-range effect):
There will be no effect on the General Revenue Fund.
Additional revenue of up to $10.2 million for farmland protection funds or county economic development corporations could be realized if all fifty-five counties levy an additional excise tax.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov