FISCAL NOTE
Date Requested: February 16, 2017 Time Requested: 01:35 PM |
Agency: |
Motor Vehicles, WV Division of |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1286 |
Introduced |
HB2514 |
|
CBD Subject: |
Motor Vehicles |
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|
FUND(S):
Road Fund
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 purpose of this bill is to create a special motor vehicle collector license plate; to define collector motor vehicle and motor vehicle collector; to allow the holder of a motor vehicle collector license plate to transfer a special plate temporarily among collector motor vehicles owned by the collector; and to establish requirements and fees for a motor vehicle collector license plate application.
The closest plate classification to this legislation is the antique plate class which has 17,733 active registrations. As an estimate approximately 15% of current individuals with antique plates would purchase a collector’s plate and of those it is estimated that 10% would purchase a second plate.
There were 17,733 active antique registrations for the last fiscal year. Since this legislation allows for indiscriminant use of a classic care plate on several owned and qualifying vehicles fiscal impact is difficult to approximate relating to owners of more than one antique vehicle.
With the current information total revenues would be $167,580 with related costs at $34,527. Revenue losses due to lost antique registration would be $87,780 giving a net revenue in the first year $79,800. Renewal revenue in subsequent years would be $167,580.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2017 Increase/Decrease (use"-") |
2018 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
34,527 |
34,527 |
0 |
Personal Services |
14,630 |
0 |
0 |
Current Expenses |
0 |
0 |
0 |
Repairs and Alterations |
0 |
0 |
0 |
Assets |
0 |
0 |
0 |
Other |
19,897 |
0 |
0 |
2. Estimated Total Revenues |
167,580 |
79,800 |
167,580 |
Explanation of above estimates (including long-range effect):
Current Antique Plate Registrations
17,733 Total Current Registrations.
15% Estimated Interest
2,660 Total New Collector Plates
2,660 Total New Collector Plates
10% Estimated Interest in 2nd Plate
266 Total 2 Plate Registrations
Costs
$ 6.80 Cost to Produce Plate
2,926 Total Plates
$ 19,897 Total Plate Cost
$ 5.00 Administration Cost
2,926 Total Plates
$ 14,630 Total Administration Cost
$ 19,897 Total Plate Cost
$ 14,630 Total Administration Cost
$ 34,527 Total Cost
Revenue Loss
2,926 Total Plates
$ 30 per Plate
$ 87,780 Total Revenue Loss
Revenues
2,660 Total New Collector Plates
$ 60 Registration Fee
$ 159,600 New Plates
266 Total 2 Plate Registrations
$ 30 Registration Fee for 2nd Plate
$ 7,980 2nd Plates
Total Revenue
$ 159,600 New Plates
$ 7,980 2nd Plates
$ 167,580 Total Revenue
Net Revenue
$ 167,580 Total Revenue
$ 87,780 Total Revenue Loss
$ 79,800 Net Revenue
Memorandum
Person submitting Fiscal Note: Raeann Kriner
Email Address: raeann.k.kriner@wv.gov