FISCAL NOTE
Date Requested: February 09, 2016 Time Requested: 04:09 PM |
Agency: |
Secretary of State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1943 |
Introduced |
HB4319 |
|
CBD Subject: |
Military and Veterans |
---|
|
FUND(S):
1617
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 National Guard and Reserve members from paying the initial filling fee of $100 for a new business and the $25 annual filing fee for the next four 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 |
-76,222 |
-152,444 |
Explanation of above estimates (including long-range effect):
The current number of Guard and Reserve member in the state is 8,863, we calculated the percentage of veterans filing for a new business is 8.6%. The reduction in revenue will increase for the first five years and then level off in year six at $152,444. The year reductions are listed below.
2017 $ 76,222
2018 $ 95,277
2019 $114,333
2020 $138,388
2021 $152,444
Memorandum
The estimate assumes all Guard and Reserve members 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
Email Address: jsandoro@wvsos.com