H. B. 2319
(By Delegate Louisos)
[Introduced
January 16, 2003
; referred to the
Committee on Finance.]
A BILL to amend and reenact section eighteen, article one,
chapter four of the code of West Virginia, one thousand nine
hundred thirty-one, as amended; and to amend article
twenty-one, chapter eleven of said code by adding thereto a
new section, designated section four-g; and to amend article
twenty-four of said chapter by adding thereto a new section,
designated section four-b, 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 section eighteen, article one, chapter four of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted; and that article twenty-one,
chapter eleven of said code be amended by adding thereto a new
section, designated section four-g; and that article twenty-four
of said chapter be amended by adding thereto a new section,
designated section four-b, 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 four,
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 four,
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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