FISCAL NOTE

Date Requested: February 08, 2023
Time Requested: 12:19 PM
Agency: Economic Development Authority, WV
CBD Number: Version: Bill Number: Resolution Number:
3521 Introduced HB3353
CBD Subject: Finance and Administration


FUND(S):

9061

Sources of Revenue:

Special Fund

Legislation creates:





Fiscal Note Summary


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


Summarize in a clear and concise manner what impact this measure will have on costs and revenues of state government. HB 3353 would void as a matter of law (i) any public contract for goods or services, and (ii) any financial assistance facilitated by the West Virginia Economic Development Authority (WVEDA) that is not accompanied by (a) a written certification that the company entering the contract has “no financial benefit to a foreign entity with values antithetical to those of the State of West Virginia”, and (b) documentation which demonstrates ownership layers of the company that conclude with natural persons who are not foreign entities. The proposed legislation defines “foreign entities” as certain states designated as state sponsors of terrorism (Saudi Arabia and the Islamic Republic of Iran), and states aligned with the communist ideology (China, North Korea, Laos, and Vietnam), as well as to persons who hold government positions with those states, political parties that have control of such states, and persons that are officials of those political parties. The proposed legislation would not apply to contracts or transactions with publicly traded companies. HB 3353 requires WVEDA to maintain accurate records reflecting the costs of administering the requirements set forth in the bill. HB 3353 does not provide additional resources to implement these new compliance requirements; however, WVEDA would likely be able to absorb these requirements into its existing programs with negligible fiscal impact on the agency.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2023
Increase/Decrease
(use"-")
2024
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 0 0


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


Please explain increases and decreases in personal services, current expenses, repairs and alterations, assets, other costs and revenues, including assumptions and data sources and delineation between start-up and ongoing costs. Please also include a long-range schedule of costs and revenues if fiscal impact is expected to vary in future years. HB 3353 does not provide additional resources to implement these new compliance requirements; however, WVEDA would likely be able to absorb these requirements into its existing programs with negligible fiscal impact on the agency.



Memorandum


Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form. A request for a Fiscal Note should be sent to the WV Department of Economic Development (WVDED) as the WVDED refers prospects to the WVEDA for financial assistance.



    Person submitting Fiscal Note: Caren Wilcher
    Email Address: caren.d.wilcher@wv.gov