H. B. 2947
(By Delegates Louisos and Harrison)
[Introduced February 26, 1999; referred to the
Committee on Finance.]
A BILL to amend article twenty-one, chapter eleven of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
four-g; and to amend article twenty-four of said chapter by
adding thereto a new section, designated section four-b, all
relating to providing that surplus revenues in the general
revenue fund remaining after such revenues have been set
aside for the revenue shortfall reserve fund shall be used
to reduce personal and corporate income tax rates.
Be it enacted by the Legislature of West Virginia:
That article twenty-one, 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
four-g; and that article twenty-four of said chapter be amended
by adding thereto a new section, designated section four-b, all to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-4g. Surplus revenues used to lower rate of tax.
Beginning on the first day of January, two thousand two, and
every four years thereafter, the personal income tax rate imposed
by this article shall be reduced by an amount proportionate to
sixty percent of the remaining surplus revenues accumulated in
the previous four fiscal years, if any, in the state fund,
general revenue, which are left over after surplus revenues have
been set aside for the revenue shortfall fund as provided in
section twenty, article two, chapter five-a of this code.
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-4b. Surplus revenues use to lower rate of tax.
Beginning on the first day of January, two thousand two, and
every four years thereafter, the corporate income tax rate
imposed by this article shall be reduced by an amount
proportionate to forty percent of the remaining surplus revenues
accumulated in the previous four fiscal years, if any, in the
state fund, general revenue, which are left over after surplus
revenues have been set aside for the revenue shortfall fund as
provided in section twenty, article two, chapter five-a of this
code.
NOTE: The purpose of this bill is to provide that surplus revenues remaining in the general revenue fund after such
revenues have been set aside for the revenue shortfall reserve
fund shall be used to reduce personal and corporate income tax
rates.
§§11-21-4g and 11-24-4b are new; therefore, strike-throughs
and underscoring have been omitted.