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Introduced Version Senate Bill 440 History

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SB440 INTR


Senate Bill No. 440

(By Senator Mitchell)

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[Introduced January 30, 2002; referred to the Committee

on Education; and then to the Committee on Finance.]

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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-f, 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-f, to read as follows:
ARTICLE 13A. SEVERANCE TAXES.

§11-13A-3f. Imposition of additional tax on the privilege of severing natural resources to create a public education excellence fund.

(a) For the privilege of engaging or 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 under sections three, three-a, three-b, 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) 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 producer.
(c) The tax imposed by this section applies 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) 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 two, 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. The express purpose of West Virginia education excellence fund is to increase funding for public education and funds allocated to education pursuant to this fund may not be used to replace any funds already used to fund public education nor may they be used to supplant any growth in the present or future funding sources for public education.

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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