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 |
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|
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