Date Requested: February 20, 2015
Time Requested: 02:45 PM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
1576 Introduced HB2839
CBD Subject: Corporations


FUND(S):

General Fund 0126 and Special Reveneu Fund 1617

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.


    The bill would eliminate the late fees charged by the Secretary of State Office on annual reports. The change would casuse an estimated decrease in revenue of S552.575 per year. $25,000 to special revenue fund 1617 General Revenue Fees and $527.575 to genera fund 0128 Treasurer's Office Fund. There will be no effect on expenditures due to the bill.



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 -552,575 -552,575


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


    Estimate is based on the actual late fees revenue for FY 2014



Memorandum


    



    Person submitting Fiscal Note: John Sandoro SOS
    Email Address: jsandoro@wvsos.com