|Date Requested:January 12, 2012
Time Requested:06:00 PM
| FUND(S) |
Sources of Revenue
Legislation creates:Neither Program nor Fund
Effect this measure will have on costs and revenues of state government.
| The purpose of this bill is to eliminate the annual registration fee for Veterans with a Bronze Star License Plate.
The West Virginia Division of Motor Vehicles currently charges an annual net registration fee of $22.50 to renew this plate. There are approximately 700 active Bronze Star license plates at this time. Eliminating the annual registration fee would result in an approximate annual revenue loss of $15,890.
The Division of Motor Vehicles has no way of determining the number of new Bronze Star license plates that may be obtained during any given year; therefore, we cannot determine an exact annual plate cost to the Division at this time.
|Effect of Proposal||Fiscal Year|
|1. Estmated Total Cost||0||0||0|
|Repairs and Alterations||0||0||0|
|2. Estimated Total Revenues||-15,890||-15,890||-15,890|
3. Explanation of above estimates (including long-range effect):
The current cost to fabricate the current Bronze Star license plate is $5.80. Each registration is $28.50 and is renewed annually for that amount.
We currently have approximately 700 active Bronze Star plates. Eliminating the annual registration fee would result in an approximate annual revenue loss of $16,000.
Since we have no way of determining how many new Bronze Start plates would be obtained during the year, we cannot determine an exact annual plate cost to the Division of Motor Vehicles.
Current Registration Fee: $ 28.50
Plate Cost: $ 5.80
Net Registration Fee: $ 22.70
# of Active Registrations: 700
Total Revenue $15,890