AN ACT to amend and reenact §11-6-26 of the Code of West Virginia, 1931, as amended, relating to increasing the portion of property tax revenues that may be used to reimburse the state tax division for its operating costs in carrying out its duties related to the property tax assessment of public utilities.

ARTICLE 6. ASSESSMENT OF PUBLIC SERVICE BUSINESSES.

§11-6-26. Operating fund for public utilities division in auditor's office.

The auditor shall establish a special operating fund in the state treasury for the public utilities division in his or her office. The auditor shall pay into the fund one and three eighths percent of the gross receipts of all moneys collected as provided for in this article. Up to one percent of the gross receipts shall be transferred from the operating fund to the tax loss restoration fund created in section twenty-seven of this article. From the operating fund, the auditor shall reimburse the department of tax division and revenue for the actual operating expenses incurred in the performance of its duties required by this article the reimbursement to the tax department from the fund shall not exceed fifty percent of three eighths of one percent of the annual deposits to the fund. not to exceed fifty percent of the fund balance after annual transfers to the tax loss restoration fund. Any moneys remaining in the special operating fund after reimbursement to the tax department annual transfers to the tax loss restoration fund shall be used by the tax division and the auditor for funding the operation of the public utilities division located in his or her office their offices. On the thirty-first day of July in each fiscal year, if the balance in the operating fund exceeds one percent of gross revenues plus fifty thousand dollars, the excess shall be withdrawn from the special fund and deposited in the general fund of the state.