AN ACT REDUCING FEES FOR SMALL BUSINESS FILINGS WITH THE SECRETARY OF THE STATE.

2025 Regular Session Introduced by Jason Buchsbaum

Summary of HB 5409 — AN ACT REDUCING FEES FOR SMALL BUSINESS FILINGS WITH THE SECRETARY OF THE STATE Purpose and intent- The bill is titled to reduce fees charged for filings by sm

REF. TO JOINT COMM. ON Finance, Revenue and Bonding

#corporatefilingfees #secretaryofthestate #smallbusinesses

Summary of HB 5409 — AN ACT REDUCING FEES FOR SMALL BUSINESS FILINGS WITH THE SECRETARY OF THE STATE

Purpose and intent

The bill is titled to reduce fees charged for filings by small businesses with the Secretary of the State.

The designates a policy shift toward lowering the cost burden on small businesses when they complete required corporate filings.

Key provisions (high level)

The bill would lower or restructure fees assessed by the Secretary of the State for filings related to small businesses.

Specifics such as which filing types (e.g., incorporation/formation documents, annual reports, amendments, or other corporate filings) and the exact fee reduction would be defined in the bill’s text.

Any accompanying provisions (definitions of “small business,” phased implementation, transition rules, or sunset provisions) would be detailed in the statutory language.

Note: The available information does not include the exact fee amounts or the precise scope of affected filings. The above reflects the stated intent to reduce small-business filing fees.

Affected parties

Primary beneficiaries: small businesses and their owners who interact with the Secretary of the State’s office for corporate filings.

The impact on the Secretary of the State’s office: potential changes to revenue from filing fees and any necessary administrative adjustments to implement new fee levels.

Fiscal and economic considerations

Potential positive impact for small businesses through lower filing costs.

Potential reduction in state revenue from reduced filing fees, depending on the magnitude of the cuts and the volume of affected filings.

The bill may include provisions to offset revenue losses (e.g., through reallocations, efficiency measures, or alternate funding) or to implement the changes over time.

Procedural and timeline aspects

Introduced: March 14, 2025.

Legislative actions:

January 17, 2025: Referred to Joint Committee on Finance, Revenue and Bonding.
March 14, 2025: Filed.
April 7, 2025: Read first time; referred to subcommittee on Juvenile Justice by the Speaker (note: subcommittee designation appears inconsistent with the referenced committee; reflects the record as provided).

Current status: Ref. to Joint Committee on Finance, Revenue and Bonding; ongoing committee consideration.

Related legislation: SB 2693 is a companion bill.

Next steps and considerations

The bill would need to clear its assigned committee(s) and proceed to floor votes in the respective chamber(s).

Key questions for further analysis include: the exact fee reductions, the definitions of affected filings and “small business,” any transitional rules, and the anticipated fiscal impact on state revenues and program administration.

A companion bill (SB 2693) exists, which may provide parallel language or timing for action.

If you’d like, I can tailor this summary to include hypothetical examples of how typical filing fees might change or provide a comparison with current filing fees if you can share the fee schedule from the bill text.