FISCAL NOTE
Date Requested: February 08, 2023
Time Requested: 03:49 PM |
| Agency: |
Department of Economic Development |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3471 |
Introduced |
HB3305 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
0256
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue, Creates New Expense
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
A new office is created with at least one employee dedicated to promoting entrepreneurship. Fees for "new businesses" assessed by the Secretary of State are waived for the first three years. Allows for up to a $20,000 income tax credit for the first three years.
Fiscal impact would be the cost of the office, employee salary, office equipment, and travel expenses, an estimation of the fees associated with new businesses' first three years of operation imposed by the Secretary of State and 20 % of the average income of new business during the first three years, up to $100,000.
Would recommend inquiring to the Tax Office or Secretary of State for a true estimate of tax credits.
New FTE breakdown:
Total Estimated Cost: $86,000
Personal Services: $78,000
Other (Equipment/Travel): $8,000
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 |
86,000 |
0 |
| Personal Services |
0 |
78,000 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
8,000 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Fiscal impact would be the cost of the office, employee salary, office equipment, and travel expenses.
Memorandum
Fiscal impact would also included fees for "new businesses" assessed by the Secretary of State are waived for the first three years. Allows for up to a $20,000 income tax credit for the first three years.
Would recommend inquiring to the Tax Office or Secretary of State for a true estimate of tax credits.
Person submitting Fiscal Note: Graham Platz
Email Address: graham.b.platz@wv.gov