Senate
House
Joint
Bill Status
WV Code
Audits/ Reports
Educational
Contact
home
home

Introduced Version House Concurrent Resolution 99 History

DOWNLOAD  wpd  |  Email


HOUSE CONCURRENT RESOLUTION NO. 99

(By Delegates Howell, Anderson, Azinger, Boggs, T. Campbell, Ellem, Evans, Fragale, Gearheart, Guthrie, Hall, Iaquinta, Manypenny, Marcum, Marshall, Moore, O'Neal, Pasdon, D. Poling, Romine, Savilla, Snuffer, Staggers, Wells and White)

 

 

Requesting the Joint Committee on Government and Finance to study the use of the increase in personal and corporate income taxes and other types of taxes generated by the development of a designated area as a means of funding the highway or related development project.

    Whereas, Tax Increment Financing, or “TIF”, is a public financing method that is used for subsidizing the creation or renovation of infrastructure, and other community-improvement projects in many countries, including the United States; and

    Whereas, Tax Increment Financing uses the projected increase in tax revenue to be gained by developing an area to assist in paying for the development project; and

    Whereas, Tax Increment Financing dedicates a portion of the projected increase in tax revenue within a certain defined district to finance the debt that is issued to pay for the project; and

    Whereas, The District of Columbia, and every state, except Arizona and Wyoming, have enabling legislation for tax increment financing; and

    Whereas, Currently, thousands of TIF districts operate nationwide in the US, from small and mid-sized cities, to the state of California, which originated Tax Increment Financing in the United States in 1952 and now maintains over four hundred TIF Districts; and

    Whereas, On November 5, 2002, the people of West Virginia ratified Amendment One to the West Virginia Constitution allowing the use of tax increment financing secured by property taxes to fund economic development and job creation in the state; and

    Whereas, Amendment One was implemented by the West Virginia Tax Increment Financing Act (W. Va. Code § 7-11B-1 et seq.,), which was passed by the West Virginia State Legislature during the 2002 regular legislative session; and

    Whereas, The success of tax increment financing in West Virginia and elsewhere makes it desirable to investigate the use of the increase in personal and corporate income taxes and other types of taxes generated by the development of a designated area as a means of funding the highway or related development project; therefore, be it

    Resolved by the Legislature of West Virginia:

    That the Joint Committee on Government and Finance is hereby requested to study the use of the increase in personal and corporate income taxes and other types of taxes generated by the development of a designated area as a means of funding the highway or related development project; and, be it

    Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2013, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it

    Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.

This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Web Administrator   |   © 2014 West Virginia Legislature **