FISCAL NOTE

Date Requested: February 06, 2023
Time Requested: 11:33 AM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2994 Introduced HB3264
CBD Subject: Finance and Administration


FUND(S):

General revenue. Appropriated Special Revenue.

Sources of Revenue:

General Fund 1617

Legislation creates:

Decreases Existing Revenue



Fiscal Note Summary


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


This bill would create minimum fiscal impact on the Secretary of State's budget while dramatically increasing incentives for entrepreneurs and innovators to launch their businesses in West Virginia. The overall fiscal impact for the State is expected to be positive and significant. Though we cannot accurately the fiscal impact on the Secretary of State's budget, we estimate the impact to be approximately $5,000 based on a $100 registration fee (already waived for Young Entrepreneurs (under 30) and veterans) and an estimate of 50 new businesses. Though certainly a policy decision for our elected officials, it is this Office's position that a $5k investment that yields 50 new businesses is a smart allocation of resources.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2023
Increase/Decrease
(use"-")
2024
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 -5,000 0 0


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


Please see summary



Memorandum


Please see summary



    Person submitting Fiscal Note: Chris Alder
    Email Address: CAlder@wvsos.gov