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