Date Requested:February 17, 2012
Time Requested:03:01 PM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2012R2257 Introduced HB4607
CBD Subject: FOREIGN/NON PROFIT CORPORATIONS
FUND(S)
0155, 1612
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.

    This bill will have no impact on the costs to the state. It will potentially add a small amount of revenue by the requirement to pay a fee to have their organization reinstated in a manner consistent with LLCs and Domestic Corporations. However, the principle of conservatism suggests that these fees are not reliable, as it would be hopeful that all business would perform the necessary requirements to avoid having the organization administratively revoked. Based on historical data, the proposed reinstatement fee could add $12,500 to revenue collections.

Fiscal Note Detail
Over-all effect
Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
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 12,500 12,500
3. Explanation of above estimates (including long-range effect):
    Based on historical data, we forecast that there could be as many as 500 foreign/non-profit organizations requesting reinstatement. This fee is proposed to be $25, which is consistent with reinstatement fees assessed to other business types regulated by this office.
    
    There will be no impact on the costs to the state


Memorandum
Person submitting Fiscal Note:
Brian Messer, CPA
Email Address:
bmesser@wvsos.com
    We would like to stress that the principle of conservatism suggests that these fees are not reliable, as it would be hopeful that all business would perform the necessary requirements to avoid having the organization administratively revoked.