FISCAL NOTE
Date Requested: February 27, 2019 Time Requested: 04:34 PM |
Agency: |
Tax & Revenue Department, WV State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2566 |
Comm. Sub. |
HB2703 |
|
CBD Subject: |
Taxation |
---|
|
FUND(S):
State Road Fund
Sources of Revenue:
Other Fund State Road Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of this bill is to remove the cap on the amount of tax that may be refunded to a dealer of petroleum products for gallons lost due to evaporation.
According to our interpretation of this bill, the current 0.5% cap on Motor Fuel Tax refunds due to evaporation by retailers and bulk storage plants would be removed. The loss of revenue to the State Road Fund should be less than $50,000 in FY2020 and each year thereafter.
Additional administrative costs incurred by the State Tax Department would be minimal in FY2020.
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 |
500 |
0 |
Personal Services |
0 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
0 |
500 |
0 |
2. Estimated Total Revenues |
0 |
-50,000 |
-50,000 |
Explanation of above estimates (including long-range effect):
According to our interpretation of this bill, the current 0.5% cap on Motor Fuel Tax refunds due to evaporation by retailers and bulk storage plants would be removed. The loss of revenue to the State Road Fund should be less than $50,000 in FY2020 and each year thereafter.
Additional administrative costs incurred by the State Tax Department would be minimal in FY2020.
Memorandum
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov