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Introduced Version Senate Bill 561 History

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

FISCAL NOTEWEST virginia Legislature

2017 regular session

Introduced

Senate Bill 561

By Senators Stollings and Ojeda

[Introduced March 8, 2017; Referred
to the Committee on Energy, Industry and Mining; and then to the Committee on Finance]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13A-6b, relating to allowing a severely economically depressed county to retain fifty percent of coal severance tax collected in that county for economic development and education.

Be it enacted by the Legislature of West Virginia:


That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-13A-6b, to read as follows:

ARTICLE 13A. SEVERANCE AND BUSINESS PRIVILEGE TAX ACT.


§11-13A-6b. Retention of coal severance tax proceeds by severely economically depressed counties.

(a) The State Department of Revenue shall return fifty percent of the money collected as coal severance tax in a county which has become severely economically depressed due to the loss of coal mining severance and property tax revenue and coal mining jobs. Money shall be allocated to the county commission and county school board in the same ratio as is done with other taxes collected in the county.

(b) A county is considered to be severely economically depressed if the county has lost at least forty percent of its tax revenue and at least one-fifth of the local labor force has lost their jobs within the last five years.

(c) All revenue provided to a county under the provisions of this section must be spent for economic development and education.

 

NOTE: The purpose of this bill is to allow a severely economically depressed county to retain fifty percent of coal severance tax collected in that county for economic development and education.

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

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