FISCAL NOTE

Date Requested: March 01, 2018
Time Requested: 01:38 PM
Agency: Secretary of State
CBD Number: Version: Bill Number: Resolution Number:
2156 Introduced SB365
CBD Subject: Corporations


FUND(S):

1617

Sources of Revenue:

Special Fund

Legislation creates:

Decreases Existing Revenue



Fiscal Note Summary


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


    The Young Entrepreneur Investment Act took effect in 2016 and waived business registration fees for West Virginia residents between the ages of 18 and 30. The Act currently sunsets this June. Over the past year and a half, 114 residents have taken advantage of this exemption which has resulted in $9,000 in lost revenue to the Secretary of State.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2018
Increase/Decrease
(use"-")
2019
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 6,000 0 6,000
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 0 0


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


    The agency estimates that removal of the sunset provision, and refinement to the residency requirement will result in an anticipated 60 or more West Virginia young residents to take advantage of this program and incentivize entrepreneurship in this State.



Memorandum


    None



    Person submitting Fiscal Note: Stephen Connolly - Dep. Secretary/Chief Counsel
    Email Address: sconnolly@wvsos.gov