H. B. 3037
(By Delegates Ashley, Fleischauer, Leach, Compton, Warner, Pettit
and Hall )
(Originating in the Committee on Finance)
[March 3, 1999]
A BILL to amend and reenact section ninety-three, article twenty- one, chapter eleven of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to the personal
income tax refund account; providing a special account for the
refunds; naming the account and providing that any balances in
the account at the end of a fiscal year are expired to the
unappropriated surplus balance of the general revenue fund.
Be it enacted by the Legislature of West Virginia:
That section ninety-three, article twenty-one, chapter eleven
of the code of West Virginia, one thousand nine hundred thirty-one
,
as amended, be amended and reenacted:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-93. Disposition of revenue.
Of the revenue collected under this article the state
treasurer shall retain in his hands such amount as the tax commissioner may determine to be necessary for refunds to which
taxpayers shall be entitled under this article.
The state
treasurer shall, after reserving such refund fund, on or before the
tenth day of each month, pay all interest, penalties and taxes
collected under this article and remaining to his credit in banks,
banking houses or trust companies at the close of business on the
last day of the preceding month, into the general fund of the state
treasury.The tax commissioner shall determine the amount necessary
for refunds to which taxpayers shall be entitled under this
article.
The amount so determined shall be deposited in the
special account created in this section.
There is hereby continued in the state treasury an account,
named the "Special Income Tax Refund Reserve Fund" which is
administered by the state tax commissioner. The purpose of this
fund is to provide adequate cash resources for the timely payment
of personal income tax refunds. The special income tax refund
reserve fund
may not be considered as a part of the general revenue
of the state.
Transfers from this fund may be made solely for the purpose of
paying personal income tax refunds, which shall be timely made by
the state tax commissioner at the direction of the secretary of the
department of tax and revenue. Other disbursements or transfers
from this fund may be made only upon appropriation by the
legislature.
On the effective date of this article, all balances in the
special income tax refund reserve fund are hereby transferred to
the state tax commissioner.
On the thirtieth day of June of each fiscal year, any balance
remaining in the special income tax refund reserve fund shall be
transferred to the current balance of the general revenue fund.