FISCAL NOTE
Date Requested: January 21, 2026
Time Requested: 03:19 PM |
| Agency: |
Insurance Commission |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2760 |
Introduced |
HB4003 |
|
|---|
| CBD Subject: |
Economic Development |
|---|
|
FUND(S):
0480,1331,6152
Sources of Revenue:
General Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
House Bill 4003, if enacted, would establish the WV First Small Business Growth Act.
Please see memorandum summary for additional information.
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):
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.
Memorandum
House Bill 4003, if enacted, would establish the WV First Small Business Growth Act.
The Offices of the Insurance Commissioner (OIC) is unable to estimate the amount of
premium tax revenues that would not be collected by the OIC to pass through to General
Revenue.
HB4003 would not only affect tax collections from W.Va. Code §33-3-14, §33-3-14a, §33-
3-15, §33-3-16, §33-3-17 but also the Fire Marshal Tax (W.Va. §15A-10-21) and
Additional Tax (W.Va. Code §33-3-14d), which is allocated quarterly to the
Police/Fireman's Pension Fund (65%), Volunteer Fireman(25%) and Teachers Retirement
(10%). Surcharge collections would not be impacted because these funds are paid by the
policyholder to the insurance company and passed through to the OIC.
HB4003 could have an impact on the revenue of the OIC if Retaliatory fees or the
Examination Assessment fee collections (W.Va. Code §33-2-9) are subject to the credit.
The OIC is not able to estimate the impact that the loss of premium tax revenue would
have to the Fire Marshal, Police/Fireman's Pension Fund, Volunteer Fireman's Fund,
Teachers Retirement Fund or the current programs funded by the state's General Revenue
Fund.
Person submitting Fiscal Note: Juanita Wimmer
Email Address: Juanita.D.Wimmer@wv.gov