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