H. B. 4462
(By Delegates Michael, Leach, Warner,
Pettit, Ashley, Hall and Anderson)
[Introduced February 9, 2000; referred to the
Committee on Finance.]
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
clarifying the procedures by which moneys are deposited into
the fund
reserved for the payment of income tax refunds;
redesignating the fund as the personal income tax reserve
fund; clarifying that the fund be administered by the
secretary of administration; specifying purpose for which the
moneys of the fund may be expended; clarifying legislative
intent that the moneys of the fund are not part of the general
revenue fund of the state treasury; and clarifying that
amounts in the fund which exceed amounts needed for the
purpose of the fund may be transferred by appropriation of the
Legislature.
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 to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-93. Personal income tax reserve fund.
(a) Of the revenue collected under this article the state
treasurer shall retain in his hands such credit the amount as the
tax commissioner may determine to be necessary for refunds to which
taxpayers shall be entitled under this article to the personal
income tax reserve fund
described in subsection (b) of this
section. The state treasurer shall after reserving such refund
fund, on or before the tenth day of each month, pay credit all
remaining 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 to the general revenue fund of the state
treasury.
(b) The fund established by the prior enactment of this
section is hereby reestablished as an account in the state treasury
designated the "personal income tax reserve fund." The fund shall
be administered by the secretary of administration and expended
only for the purpose specified in subsection (c) of this section.
Notwithstanding any provision of section two, article two, chapter
twelve of this code to the contrary, the moneys of the fund are not
part of the general revenue fund of the state treasury.
(c) The moneys of the personal income tax reserve fund must be
expended to make timely refunds of moneys to which taxpayers may be
entitled under this article as certified by the tax commissioner.
Amounts in the fund which are found from time to time to exceed
funds needed for the purposes set forth in this section may be
transferred to other accounts or funds and redesignated for other
purposes by appropriation of the Legislature.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.