Supplement: WV SB390 | 2024 | Regular Session | Tax & Revenue Department, WV State
For additional supplements on West Virginia SB390 please see the Bill Drafting List
Bill Title: Creating personal income tax credit for nurses in WV
Status: 2024-01-12 - To Health and Human Resources [SB390 Detail]
Download: West_Virginia-2024-SB390-Tax_Revenue_Department_WV_State.html
The stated purpose of this bill is to provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities. Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025. Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025. Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
The stated purpose of this bill is to provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities. The effective date stated in the bill is defective, stating that "The credit allowed by this article shall be allowed for nurses after December 31, 2024," without reference to the tax year.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov
Bill Title: Creating personal income tax credit for nurses in WV
Status: 2024-01-12 - To Health and Human Resources [SB390 Detail]
Download: West_Virginia-2024-SB390-Tax_Revenue_Department_WV_State.html
FISCAL NOTE
Date Requested: January 12, 2024 Time Requested: 05:56 PM |
|
FUND(S):
General Revenue FundSources of Revenue:
General FundLegislation creates:
Decreases Existing Revenue, Increases Existing ExpensesFiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The stated purpose of this bill is to provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities. Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025. Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
Fiscal Note Detail
Effect of Proposal | Fiscal Year | ||
---|---|---|---|
2024 Increase/Decrease (use"-") |
2025 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) | |
1. Estmated Total Cost | 0 | 41,500 | 25,000 |
Personal Services | 0 | 25,000 | 25,000 |
Current Expenses | 0 | 0 | 0 |
Repairs and Alterations | 0 | 0 | 0 |
Assets | 0 | 1,500 | 0 |
Other | 0 | 15,000 | 0 |
2. Estimated Total Revenues | 0 | -115,000,000 | -115,000,000 |
Explanation of above estimates (including long-range effect):
Provisions of the bill would give a Personal Income Tax credit of up to $5,000 to nurses engaged in the practice of nursing in West Virginia. The loss to General Revenue Fund collections from this credit would be roughly $115.0 million per year beginning in FY2025. Additional administrative costs incurred by the State Tax Department are expected to be $41,500 in FY2025 and $25,000 in subsequent fiscal years.
Memorandum
The stated purpose of this bill is to provide for a $5,000 tax credit for nurses to West Virginia personal income tax liabilities. The effective date stated in the bill is defective, stating that "The credit allowed by this article shall be allowed for nurses after December 31, 2024," without reference to the tax year.
Person submitting Fiscal Note: Mark Muchow
Email Address: kerri.r.petry@wv.gov