LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session March 3, 2001 TO: Honorable Kim Brimer, Chair, House Committee on Business & Industry FROM: John Keel, Director, Legislative Budget Board IN RE: HB1840 by Junell (Relating to authorizing the comptroller to waive penalties and interest relating to the delivery of certain delinquent unclaimed property.), As Introduced ************************************************************************** * Estimated Two-year Net Impact to General Revenue Related Funds for * * HB1840, As Introduced: positive impact of $18,200,000 through the * * biennium ending August 31, 2003. * * * * The bill would make no appropriation but could provide the legal * * basis for an appropriation of funds to implement the provisions of * * the bill. * ************************************************************************** General Revenue-Related Funds, Five-Year Impact: **************************************************** * Fiscal Year Probable Net Positive/(Negative) * * Impact to General Revenue Related * * Funds * * 2002 $18,200,000 * * 2003 0 * * 2004 0 * * 2005 0 * * 2006 0 * **************************************************** All Funds, Five-Year Impact: ***************************************************** * Fiscal Year Probable Savings/(Cost) from * * General Revenue Fund * * 0001 * * 2002 $18,200,000 * * 2003 0 * * 2004 0 * * 2005 0 * * 2006 0 * ***************************************************** Fiscal Analysis The bill would implement recommendation AFM-5 section F from the Comptroller's e-Texas report to allow the Comptroller to waive penalty and interest charges imposed on certain delinquent unclaimed property. Methodology The Comptroller's office established two unclaimed property amnesty periods in the last three years allowing waivers of penalties and interest due for unreported unclaimed property. Each amnesty period generated $26 million in unclaimed property. The Comptroller's office estimates the state would raise $18.2 million in fiscal year 2002 from eliminating penalty and interest provisions for the disclosure of certain unclaimed property Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: 304 Comptroller of Public Accounts LBB Staff: JK, JO, JC