FISCAL NOTE
Date Requested: January 21, 2019 Time Requested: 01:35 PM |
Agency: |
Motor Vehicles, WV Division of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2366 |
Introduced |
HB2546 |
|
CBD Subject: |
Human Rights, Motor Vehicles, Taxation |
---|
|
FUND(S):
Road Fund
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to exclude the value of durable medical equipment or mobility enhancing equipment when determining the value of the vehicle for imposition of the tax on the privilege of effecting the certification of title of the vehicle.
The Division estimates there are 18 vehicles per year that have medical equipment added. The Division further estimates the average value of the added medical equipment is $20,000 per vehicle. The would produce a reduction in revenue to the agency of $25,200 (18 x $20,000 x 7%).
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2019 Increase/Decrease (use"-") |
2020 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 |
-25,200 |
-25,200 |
Explanation of above estimates (including long-range effect):
$20,000 Average Value
18 Transactions Per Year
$360,000 Total Taxable Value
7% Tax Rate
$25,200 Revenue Reduction
Memorandum
Person submitting Fiscal Note: Raeann Kriner
Email Address: raeann.k.kriner@wv.gov