FISCAL NOTE

Date Requested: January 28, 2016
Time Requested: 10:14 AM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2394 Introduced HB2897
CBD Subject:


FUND(S):

1617

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 filing 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 2017 and $251,625 in the following years



Fiscal Note Detail


Effect of Proposal Fiscal Year
2016
Increase/Decrease
(use"-")
2017
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 the 20 and 34 years of age for West Virginia. The estimated number of filing affected by HB2897 is 2,046 (Estimated filing per year 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
    Email Address: jsandoro@wvsos.com