FISCAL NOTE
Date Requested: February 24, 2015 Time Requested: 01:56 PM |
Agency: |
Secretary of State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
3171 |
Introduced |
HB2897 |
|
CBD Subject: |
Corporations |
---|
|
FUND(S):
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The change in legislation would exempt individuals under 35 years old from paying the initial filling fee of $100 for a new business and the $25 annual filing fee for two years. The reduction in revenue will be an estimated $201,300 in fiscal year 2016 and $251,625 in the following years.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2015 Increase/Decrease (use"-") |
2016 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 |
-201,300 |
-251,625 |
Explanation of above estimates (including long-range effect):
Using US Census Estimate for percentage of the population between 20 and 34 year of age for West Virginia. The estimated number of fillings affect by HB 3171 is 2,046 (Estimated filing per year of 11,000 X 18.30% = 2,046).
Memorandum
The estimate assumes all young entrepreneur take advantage of the exemption from filing fees in the first two years of the business and the business will stay in business for at least two years.
Person submitting Fiscal Note: John Sandoro SOS
Email Address: jsandoro@wvsos.com