FISCAL NOTE
Date Requested: February 25, 2025
Time Requested: 02:27 PM |
| Agency: |
Tax & Revenue Department, WV State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2724 |
Introduced |
HB2936 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
General Revenue Fund
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Increases Existing Expenses
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government.
The stated purpose of this bill is to waive the $100 fee for a new for profit business or domestic corporation to obtain a license in this state.
According to our interpretation, this bill would have no impact on revenue due to taxes or fees administered by the Tax Division. The bill does not waive the $30 Business Registration Fee administered by the Tax Division.
There would be no additional administrative costs incurred by the State Tax Department.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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 |
0 |
Explanation of above estimates (including long-range effect):
Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years.
According to our interpretation, this bill would have no impact on revenue due to taxes or fees administered by the Tax Division. The bill does not waive the $30 Business Registration Fee administered by the Tax Division.
There would be no additional administrative costs incurred by the State Tax Department.
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
The stated purpose of this bill is to waive the $100 fee for a new for profit business or domestic corporation to obtain a license in this state.
This bill most likely contains a title defect. The title reads “A bill to amend and reenact §59-1-2 of the Code of West Virginia, 1931, as amended, relating to waiving the $100 fee for a new for-profit business or domestic corporation to obtain a license in this state.” However, this bill only waives the fee up to three days per year as designated by the Secretary of State. Furthermore, the title states that this waiver applies to new for-profit businesses or domestic corporations while the substantive text of this bill only applies to a “for-profit domestic corporation.” Therefore, this bill does not apply to new for-profit businesses or domestic corporations as the title states but rather only to for-profit domestic corporations.
The bill is also not clear about what specific actions the corporations must take on any of the days designated by the Secretary of State to qualify for the waiver.
Person submitting Fiscal Note: Mark Muchow
Email Address: radfiscal@wv.gov