Senate Bill No. 512
(By Senator Humphreys)
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[Introduced March 22, 1993; referred to the Committee
on the Judiciary; and then to the Committee on Finance.]
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A BILL to amend article twenty-two, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
two-a, relating to placing an additional excise tax on the
privilege of transferring real property; and dedicating the
revenue from the tax to a special fund in the department of
health and human resources to be used to benefit the
homeless.
Be it enacted by the Legislature of West Virginia:
That article twenty-two, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section two-
a, to read as follows:
ARTICLE 22. EXCISE TAX ON PRIVILEGE OF TRANSFERRING REAL
PROPERTY.
§11-22-2a. Additional state excise tax; when and by whom
payable; dedication of net proceeds to benefit homeless
persons.
Notwithstanding any provision of section two of this
article, effective the first day of July, one thousand nine
hundred ninety-three and thereafter, there is hereby imposed an
additional state excise tax for the privilege of transferring
title to real estate at the rate of one half of one percent of
the monetary value in excess of fifty thousand dollars on any
real estate transferred with a total value in excess of fifty
thousand dollars. The additional state excise tax shall be
payable at the time of delivery, acceptance or presenting of such
document. Such additional state excise tax shall be
administered, collected and enforced in the same manner as the
state excise tax authorized pursuant to section two of this
article. The net proceeds of the additional state excise tax
imposed pursuant to this section shall be transferred, as those
proceeds are received by the state tax commissioner, to the
department of health and human resources to be deposited in a
special fund to be administered by the department for the benefit
of persons who are homeless.
NOTE: The purpose of this bill is to place an additional
excise tax on the transfer of real property over fifty thousand
dollars in value to be credited to a special account in the
Department of Health and Human Resources to be used for the
benefit of persons who are homeless.
This section is new; therefore, strike-throughs and
underscoring have been omitted.