H. B. 2745

(By Delegates Kiss, McKinley, Mezzatesta,
D. Miller, Rutledge, M. Miller and Burk )


(Originating in the House Committee on Finance)


[March 26, 1993]


A BILL to amend and reenact section thirty, article fifteen, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended; and to amend article five-c, chapter twenty of said code by adding thereto a new section, designated section twenty-five, all relating to dedicated a portion of consumer sales tax collections to infrastructure projects; depositing such dedicated funds to the credit of an appropriated special revenue account.

 Be it enacted by the Legislature of West Virginia:
That section thirty, article fifteen, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one as amended by amended and reenacted; and that article five-c, chapter twenty of said code be amended by adding thereto a new section, designated section twenty-five, all to read as follows:
CHAPTER 11. TAXATION.

ARTICLE 15. CONSUMERS SALES TAX.

§11-15-30. Proceeds of tax; dedication of certain revenues.

The proceeds of the tax imposed by this article shall be deposited in the general revenue fund of the state: Provided, That beginning the first day of July, one thousand nine hundred eighty-nine, and continuing each month thereafter through the last day of July, one thousand nine hundred ninety-two, the first five million dollars of proceeds of this tax for each month shall be paid into the "Fiscal Responsibility Fund" created by section nineteen, article one, chapter five of this code and used for the purposes specified therein, and that on and after the first day of August, one thousand nine hundred ninety-two, and continuing each month thereafter until any money borrowed under section nine-d, article six, chapter twelve of this code is repaid, the first five million dollars of proceeds of this tax for each month shall be paid into the "Education Enhancement Fund" created by section nine-d, article six, chapter twelve of this code: Provided, however, That if no money is borrowed under section nine-d, article six of said chapter twelve, before the first day of August, one thousand nine hundred ninety-two, then no tax collected under this article shall be deposited into the "Education Enhancement Fund", and if money is borrowed after the thirtieth day of June, one thousand nine hundred ninety-two, then payment into the "Education Enhancement" Fund shall begin the first day of the calendar month succeeding the month in which funds are borrowed under section nine-d, article six of said chapter twelve: Provided further, That if less than sixty million dollars is borrowed under said section nine-d, then the amountto be paid into the "Education Enhancement Fund" each month, as provided in this section, shall be that proportion of five million dollars that the amount of money borrowed bears to sixty million dollars: And provided further, That beginning the first day of July, one thousand nine hundred ninety-four, and continuing each month thereafter, the first one million dollars of proceeds of this tax for each month shall be paid in the "Infrastructure Improvement Fund" provided for in section twenty-five, article five-c, chapter twenty of this code and used for the purposes set forth therein.
CHAPTER 20. NATURAL RESOURCES.

ARTICLE 5C. WEST VIRGINIA WATER DEVELOPMENT AUTHORITY.
§20-5C-25. Infrastructure Improvement Fund created; purposes.
There is hereby created in the state treasury an appropriated special revenue account, known as the "Infrastructure Improvement Fund". There shall be deposited in the fund, dedicated proceeds from the consumers sales tax as provided for in section thirty, article fifteen, chapter eleven of this code. Monies deposited in the fund, and any interest accumulated thereon, shall be used to provide the necessary funding to provide grants and loans for water and sewage projects throughout the state: Provided, That expenditures from the fund shall only be made upon appropriation by the Legislature: Provided, however, That amounts collected which are found from time to time to exceed the funds needed to effectuate the purposes of this section may be transferred to other funds or accounts and redesignated for other purposes by appropriation of the Legislature.