FISCAL NOTE
Date Requested: January 12, 2022 Time Requested: 05:09 PM |
Agency: |
Treasurer's Office, WV |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
1437 |
Introduced |
SB209 |
|
CBD Subject: |
|
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|
FUND(S):
New
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Expense, Increases Existing Expenses, Creates New Fund: The Unknown and Unlocatable Timber Interest Owners Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill enacts a new chapter in the WV Code to establish law relating to timber ownership and permits the severance of timber by fewer than all the interest owners under certain conditions. Reserved interest for unknown and unlocated interest owner shall be submitted by the holder quarterly to the WVSTO Unclaimed Property Division and later pay all lawful claims from this fund. This legislation will not have an impact on General Revenue. This legislation will create a new Special Revenue Fund – The Unknown and Unlocatable Timber Interest Owners Fund.
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2022 Increase/Decrease (use"-") |
2023 Increase/Decrease (use"-") |
Fiscal Year (Upon Full Implementation) |
1. Estmated Total Cost |
68,000 |
68,000 |
68,000 |
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 known cost of this program will be the addition of one full time position.
Memorandum
The fiscal impact of this legislation is difficult to calculate. There is no historical data to determine the amount of revenue that will be collected annually, in addition, the legislation states that the revenue will be utilized to fund the expenses for operation. And the amount collected is truly not revenue and is a liability to the state of WV. All funds received possibly may be returned to the owner via the unclaimed property claim process. Not knowing the exact impact of this legislation can result in additional costs that are not known at this time.
Based upon the current proposed legislation, this program will be administered similar to §37B-2 Unknown and Unlocatable Interest Owners Act.
Person submitting Fiscal Note: James Fuerhoff
Email Address: james.fuerhoff@wvsto.gov