COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 4229-01
Bill No.: Truly Agreed To And Finally Passed HB 1427
Subject: Secretary of State: Business Services, Corporations
Type: Original
Date: May 8, 2006
FISCAL SUMMARY
| FUND AFFECTED | FY 2007 | FY 2008 | FY 2009 |
| Total Estimated
Net Effect on General Revenue Fund |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2007 | FY 2008 | FY 2009 |
| Total Estimated
Net Effect on Other State Funds |
$0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
| FUND AFFECTED | FY 2007 | FY 2008 | FY 2009 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2007 | FY 2008 | FY 2009 |
| Local Government | $0 | $0 | $0 |
ASSUMPTION
Officials of the Office of Secretary of State- Business Services Division estimate 10 businesses would be administratively dissolved annually under these circumstances. Officials stated the reinstatement fee of $50 would be waived; therefore, the annual loss of revenue to the State's General Revenue Fund would be $50 x 10 transactions or $500. Officials assume that a separation fee of $5 would also be waived. This fee is deposited in the Technology Fund. Officials estimate an annual loss of income to the Technology Fund of $50 ($5 x 10 transactions or $50).
Oversight assumes loss of income to the Secretary of State's Technology Fund and to General Revenue would be insignificant; therefore, Oversight assumes no fiscal impact to state or local funds.
| FISCAL IMPACT - State Government | FY 2007
(10 Mo.) |
FY 2008 | FY 2009 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2007
(10 Mo.) |
FY 2008 | FY 2009 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
There will be a positive economic impact of $55 to any small business meeting the requirements of Section 351.488 RSMo.
DESCRIPTION
If a corporation is administratively dissolved for failure to file an annual registration report and the Secretary of State determines that the failure was due to military service, this bill authorizes the Secretary of State to waive the reinstatement fees and other associated penalties, cancel the certificate of dissolution, prepare a certificate of reinstatement, and provide a copy to the corporation.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Office of Secretary of State - Business Services Division
Mickey Wilson, CPA
Director
May 8, 2006