FISCAL NOTE

Date Requested: January 27, 2016
Time Requested: 11:31 AM
Agency: Tax Department, State
CBD Number: Version: Bill Number: Resolution Number:
1802 Introduced SB352
CBD Subject: Taxation


FUND(S):

General Revenue Fund, Special Railroad Intermodal Enhancement Fund

Sources of Revenue:

General Fund,Special Fund

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 eliminate dedication of corporation net income tax revenues to and deposits of such revenues into the Special Railroad Intermodal Enhancement Fund on and after January 1, 2016.
    
    The provisions of this bill would eliminate quarterly transfer of $1.075 million from the State General Revenue Fund into the Special Railroad and Intermodal Enhancement Fund effective on or after January 1, 2016. Passage of this bill would effectively increase General Revenue Fund revenues by $2.15 million in FY 2016 and by $4.3 million each year thereafter. The elimination of the General Revenue Fund transfer to the Special Railroad and Intermodal Enhancement Fund is included in the budget presented by the Governor in his estimates for FY 2017.
    
    There would be no additional administrative costs incurred by the State Tax Department.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
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):


    The provisions of this bill would eliminate quarterly transfer of $1.075 million from the State General Revenue Fund into the Special Railroad and Intermodal Enhancement Fund effective on or after January 1, 2016. Passage of this bill would effectively increase General Revenue Fund revenues by $2.15 million in FY 2016 and by $4.3 million each year thereafter. The elimination of the General Revenue Fund transfer to the Special Railroad and Intermodal Enhancement Fund is included in the budget presented by the Governor in his estimates for FY 2017.
    
    There would be no additional administrative costs incurred by the State Tax Department.
    
    



Memorandum


    



    Person submitting Fiscal Note: Mark Muchow
    Email Address: kerri.r.petry@wv.gov