Date Requested: January 28, 2015
Time Requested: 09:14 AM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2554 Introduced SB316
CBD Subject: Corporations



Sources of Revenue:

Special Fund

Legislation creates:

A New Program

Fiscal Note Summary

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

    The change in legislation would exempt veterans from paying the initial filling fee of $100 for a new business and the $25 annual filing fee for subsequent four years of operation.

Fiscal Note Detail

Effect of Proposal Fiscal Year
Fiscal Year
(Upon Full
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 -94,587 -189,174

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

    Using US Census estimates for 2013 of a total population of West Virginia of 1,854,304, and a veterans population of 159,448, we calculated the percentage of veterans filing for a new business at 8.6% (1,854,304/159,448 = 8.6%). The estimated number of fillings affected by Senate Bill 316 is 946 (Estimated new business filings per year of 11,000 X 8.6% = 946). The reduction in revenue will increase for the first five years, then level off in year six at $189,174. The year reductions are listed below.
    2016 $ 94,587
    2017 $118,234
    2018 $141,880
    2019 $165,527
    2020 $189,174


    The estimate assumes all veterans will take advantage of the exemption from filing fees in the first five years of the business, and the business will stay in business for at least five years.

    Person submitting Fiscal Note: John Sandoro SOS
    Email Address: