FISCAL NOTE

Date Requested: January 23, 2018
Time Requested: 12:09 PM
Agency: Tax & Revenue Department, WV State
CBD Number: Version: Bill Number: Resolution Number:
1386 Introduced HB4262
CBD Subject:


FUND(S):

General Revenue Fund

Sources of Revenue:

General Fund

Legislation creates:

Decreases Existing Revenue



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The stated purpose of this bill is to exempt retirement income of members of additional uniformed services from income tax.
    
    The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $100,000, beginning in FY2020.
    
    There would be no additional administrative costs.
    



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
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 -100,000


Explanation of above estimates (including long-range effect):


    The bill extends the exemption of all military retirement pay to retired officers from the National Oceanic Atmospheric Administration and the Public Health Service. This change would be effective beginning with the 2019 tax year. Passage of this bill would reduce General Revenue Fund collections by roughly $100,000, beginning in FY2020.
    
    There would be no additional administrative costs.
    



Memorandum


    



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