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Introduced Version House Bill 2276 History

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hb2276 intr
H. B. 2276


(By Delegate Louisos)
[Introduced February 11, 2005; referred to the
Committee on the Judiciary then Finance.]




A BILL to amend and reenact §4-1-18 of the code of West Virginia, 1931, as amended; to amend said code by adding thereto a new section, designated §11-21-4g; and to further amend said code by adding thereto a new section, designated §11-24-4b, all relating to providing limitations on budget increases; requiring eighty percent vote of House of Delegates for any such increase; and providing that one half of budget increase or surplus revenues in the general revenue fund remaining after one half of the surplus or revenues have been set aside for the revenue shortfall reserve fund shall be used to reduce personal and corporate income tax rates.

Be it enacted by the Legislature of West Virginia:
That §4-1-18 of the code of West Virginia, 1931, as amended, be amended and reenacted; that said code be amended by adding thereto a new section, designated §11-21-4g; and that said code be further amended by adding thereto a new section, §11-24-4b, all to read as follows:
CHAPTER 4. THE LEGISLATURE.

ARTICLE 1. OFFICERS, MEMBERS AND EMPLOYEES; APPROPRIATIONS;
INVESTIGATIONS; DISPLAY OF FLAGS; RECORDS; USE OF CAPITOL BUILDING; PREFILING OF BILLS AND RESOLUTIONS; STANDING COMMITTEES; INTERIM MEETINGS; NEXT MEETING OF THE SENATE.

§4-1-18. Legislature to prepare digest of budget bill; distribution.

(a) The Legislature, acting by its appropriate committees, shall consider the budget bill, the budget document and matters relating thereto, and following such consideration and upon the passage of the budget bill by the Legislature, the Legislature shall prepare a digest or summary of the budget bill containing detailed information similar to that included in the budget document submitted to the Legislature by the Governor but including amendments of legislative committees, and as finally enacted by the Legislature. Such The digest or summary shall be prepared at the direction of and approved by members of the conferees committee on the budget and shall be included in the journals of the Legislature or printed as a separate document, and copies shall be furnished to the Governor, Commissioner of Finance and Administration, and the various state spending units for such use as may be deemed proper.
(b) Notwithstanding any other provision of law to the contrary, the budget may not be increased by more than fifty percent of any budget surplus and only then with a vote of eighty percent of the members of the House of Delegates present and entitled to vote. One half of the budget surplus shall be set aside for the revenue shortfall fund as provided in section twenty, article two, chapter five-a of this code and the other one half of the surplus shall be used to lower the personal income and corporate net income tax rates as provided in section four-g, article twenty-one and section four-b, article twenty-four, chapter eleven of this code.
CHAPTER 11. TAXATION.

ARTICLE 21. PERSONAL INCOME TAX.
§11-21-4g. Surplus revenues used to lower rate of tax.
Beginning on the first day of January, two thousand five, and every four years thereafter, the personal income tax rate imposed by this article shall be reduced by an amount proportionate to sixty percent of the remaining surplus revenues accumulated in the previous four fiscal years, if any, in the state fund, general revenue, which are left over after surplus revenues have been set aside for the revenue shortfall fund as provided in section twenty, article two, chapter five-a of this code.
ARTICLE 24. CORPORATION NET INCOME TAX.

§11-24-4b. Surplus revenues used to lower rate of tax.
Beginning on the first day of January, two thousand five, and every four years thereafter, the corporate income tax rate imposed by this article shall be reduced by an amount proportionate to forty percent of the remaining surplus revenues accumulated in the previous four fiscal years, if any, in the state fund, general revenue, which are left over after surplus revenues have been set aside for the revenue shortfall fund as provided in section twenty, article two, chapter five-a of this code.




NOTE: The purpose of this bill is to provide that surplus revenues remaining in the general revenue fund after such revenues have been set aside for the revenue shortfall reserve fund shall be used to reduce personal and corporate income tax rates.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.

§§11-21-4g and 11-24-4b are new; therefore, strike-throughs and underscoring have been omitted.
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