Date Requested: February 10, 2015
Time Requested: 12:53 PM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2916 Introduced HB2676
CBD Subject: Military and Veterans


FUND(S):

1617

Sources of Revenue:

Special Fund

Legislation creates:

A New Program



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    The change in legislation would exempt veterans from paying the initial filling fee of $100 for a new business and the $25 annual filing fee for subsequent four years of operation.



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 -94,578 -189,174


Explanation of above estimates (including long-range effect):


    Using US Census estimates for 2013 of a total population of West Virginia of 1,854,304, and a veterans population of 159,448, we calculated the percentage of veterans filing for a new business at 8.6% (1,854,304/159,448 = 8.6%). The estimated number of fillings affected by Senate Bill 316 is 946 (Estimated new business filings per year of 11,000 X 8.6% = 946). The reduction in revenue will increase for the first five years, then level off in year six at $189,174. The year reductions are listed below.
    
     2016 $ 94,587
     2017 $118,234
     2018 $141,880
     2019 $165,527
     2020 $189,174



Memorandum


    



    Person submitting Fiscal Note: Dave Nichols
    Email Address: dnichols@wvsos.com