H.
B.
4644
(By Mr. Speaker, Mr. Chambers, and Delegates Houvouras,
Ashcraft, Mezzatesta, Varner, Anderson and L. Williams)
[Introduced March 1, 1994; referred to the
Committee on Education then Finance.]
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, relating to dedicating a certain percentage of the sales tax revenue, not to exceed ten million dollars each fiscal year, to the higher education grant program.
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, be amended and reenacted to read as follows:
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 amount to 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.
The first fifteen-thousandths percent (.015%) of the remaining funds collected, not to exceed ten million dollars each fiscal year, shall be transferred to the higher education grant program provided in section three, article five, chapter eighteen-c of this code.
NOTE: The purpose of this bill is to dedicate a certain percentage of the sales tax revenue, not to exceed ten million dollars each fiscal year, to the higher education grant program.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.