FISCAL NOTE
Date Requested: January 28, 2016 Time Requested: 10:14 AM |
Agency: |
Secretary of State |
CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
2394 |
Introduced |
HB2897 |
|
CBD Subject: |
|
---|
|
FUND(S):
1617
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The change in legislation would exempt individuals under 35 years old from paying the initial filing fee of $100 for a new business and the $25 annual filing fee for two years. The reduction in revenue will be an estimated $201,300 in fiscal year 2017 and $251,625 in the following years
Fiscal Note Detail
Effect of Proposal |
Fiscal Year |
2016 Increase/Decrease (use"-") |
2017 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 |
-201,300 |
-251,625 |
Explanation of above estimates (including long-range effect):
Using US Census estimate for percentage of the population between the 20 and 34 years of age for West Virginia. The estimated number of filing affected by HB2897 is 2,046 (Estimated filing per year 11,000 x 18.30% = 2,046)
Memorandum
The estimate assumes all young entrepreneur take advantage of the exemption from filing fees in the first two years of the business and the business will stay in business for at least two years
Person submitting Fiscal Note: John Sandoro
Email Address: jsandoro@wvsos.com