FISCAL NOTE
Date Requested: February 03, 2026
Time Requested: 04:31 PM |
| Agency: |
Secretary of State |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3381 |
Introduced |
HB5081 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
N/A
Sources of Revenue:
Other Fund N/A
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Assuming this bill intends to waive registration fees, it is unclear what impact this bill will have on State revenues. There is already a waiver for entrepreneurs under 30 via the Young Entrepreneur Reinvestment Act. Further, we would have to search individual records to determine if these are first time corporations or corporations that previously registered and closed and are opening again. Approximately 2,200 first-time for-profit corporations register per year. If these corporations in fact do meet the vague definition provided in the bill, the loss of revenue for the office would be $220,000, if all these businesses filed within the three day window.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
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):
See above.
Memorandum
See above. The bill is vague and subject to interpretation, so it is difficult to determine the revenue decrease to the Office's Special Fund.
Person submitting Fiscal Note: David Cook
Email Address: dcook@wvsos.com