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Introduced Version House Bill 2056 History

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Key: Green = existing Code. Red = new code to be enacted


H. B. 2056


(By Delegate Hubbard)

[Introduced February 14, 2001; referred to the

Committee on Finance.]





A BILL to amend article thirteen-a, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section three-e, relating to the imposition of an additional privilege tax on the severance of natural resources to create and fund the West Virginia education excellence fund.

Be it enacted by the Legislature of West Virginia:

That article thirteen-a, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section three-e, to read as follows:

ARTICLE 13A. SEVERANCE TAXES.

§11-13A-3e. Imposition of additional tax on the privilege of severing natural resources; creation of public education excellence fund.

(a) Imposition of tax.-- For the privilege of continuing within this state in the business of severing, extracting, reducing to possession and producing for sale, profit or commercial use any natural resource, product or product listed and taxed under sections three, three-a, three-c and four of this article, there is hereby levied and shall be collected from every person exercising this privilege an annual privilege tax which shall be dedicated to the funding of the West Virginia education excellence fund.
(b) Rate and measure of tax.-- The tax imposed in subsection (a) of this section shall be one percent of the gross value of the natural resources produced as shown by the gross proceeds derived from the sale thereof by the producer.
(c) Tax in addition to other taxes. -- The tax imposed by this section shall apply to all persons severing natural resources in this state as those resources are defined in sections three, three-a, three-b, three-c and four of this article and shall be in addition to all other taxes imposed by law.
(d) Dedication of revenue from tax.-- There is hereby created the West Virginia education excellence fund. All revenues received pursuant to this section shall be dedicated to this fund. This fund shall be managed by the West Virginia investment management board created pursuant to section three, article six, chapter twelve of this code. No principal amounts of the fund may be expended which would leave a balance of less than two hundred fifty million dollars in the fund. Beginning with the fiscal year starting the first day of July, two thousand one, and every year thereafter, all interest earned from the investment of the fund shall be transferred to the general fund for the sole use of increasing funding for public education above and beyond the amount calculated as the preliminary computation of funds necessary to fully fund the state schools support program for the next school year. Any principal in excess of two hundred fifty million dollars accumulated by the fund may be transferred to the general fund for the sole purpose for which the interest of this fund may be used by act of the Legislature.



NOTE: The purpose of this bill is to impose an additional one percent severance tax on natural resources to create and fund the West Virginia education excellence fund to produce additional funding for public education.
This section is new; therefore, strike-throughs and underscoring have been omitted.
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