AN ACT DECREASING THE FILING FEE FOR ANNUAL REPORTS FILED BY CERTAIN BUSINESS ENTITIES WITH THE SECRETARY OF THE STATE.

2025 Regular Session Introduced by Tina Courpas

Lowers the annual report filing fee for certain business entities with the Secretary of the State, cutting ongoing costs and simplifying compliance.

REF. TO JOINT COMM. ON Judiciary

#corporateannualreports #fees #secretaryofthestate

HB 5777 — Summary

Overview

HB 5777 is titled AN ACT DECREASING THE FILING FEE FOR ANNUAL REPORTS FILED BY CERTAIN BUSINESS ENTITIES WITH THE SECRETARY OF THE STATE. The bill is currently referred to the Joint Committee on Judiciary and was introduced on January 21, 2025. The available information does not include the bill’s full text, so specific details such as the exact entities covered, the new fee amount, or transitional provisions are not yet disclosed.

What the bill would do (as suggested by the title)

Lower the filing fee required for annual reports submitted to the Secretary of the State.

Target “certain business entities” (the precise scope will be defined in the bill text).

Potentially alter related procedural or transitional rules to implement the fee reduction.

Key provisions to look for in the full text

Scope of entities affected: Which types (e.g., corporations, LLCs, partnerships, or other registered entities) and any thresholds or qualifiers.

Specific fee reduction: The new amount or percentage reduction and whether it’s a flat fee, tiered, or percentage-based.

Effective date: When the reduced fee would take effect (e.g., upon enactment, at the next filing cycle, or a staged timeline).

Transitional provisions: How current or outstanding filings are handled and any phase-in or sunset provisions.

Administrative implications: Any changes to filing processes, penalties, or enforcement related to annual report filings.

Revenue impact: Any accompanying fiscal notes or impact on state revenue and budget.

Who would be affected

Businesses and entities required to file annual reports with the Secretary of the State.

The effect is limited to those entities encompassed by the bill’s defined scope; other filing fees for different documents or entities would remain unchanged.

Procedural and timeline aspects

Introduced: January 21, 2025.

Status: Referral to the Joint Committee on Judiciary (REF. TO JOINT COMM. ON Judiciary).

Current stage: No further actions provided in the available information. The bill would need committee consideration, potential amendments, and floor votes before moving to passage.

Potential impacts and considerations

For businesses: Reduced annual report costs could lower ongoing compliance expenses and improve business operating costs for the affected entities.

For the state: Potential reduction in fee revenue associated with annual reports; lawmakers may weigh policy goals against fiscal effects.

Administrative: The Secretary of the State would implement the new fee schedule, update guidance, and adjust systems accordingly.

Next steps for tracking

Obtain the full bill text to identify the exact entities covered, the precise fee amount, effective date, and any transitional provisions.

Monitor committee actions in the Joint Committee on Judiciary for amendments, hearings, or votes.

Review any fiscal notes or impact analyses associated with the bill.

If you’d like, I can update this summary once the bill’s text and any fiscal notes become available.