SB569 HFA White, Kominar, Stalnaker and Michael 3-5 #1McO
Delegates White, Kominar, Stalnaker and
Michael move to amend
the committee amendment to the bill on page one, line five, by
striking out the subdivision designation "(1)";
On page one, following the words "airport runways" and the
period on line seventeen, by striking out the remainder of the
amendment and inserting in lieu thereof two new sections to read as
follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-43a. Dedication of tax proceeds to railways.
(a) Beginning the first day of January, two thousand eight,
there is hereby dedicated an annual amount of up to four million
three hundred thousand dollars from annual collections of the tax
imposed by this article for for the purpose of construction,
reconstruction, maintenance and repair of railways, the
construction of railway related structures and payment of principal
and interest on state bonds issued for railway purposes, as
approved by the West Virginia public port authority.
(b) For purposes of administering the deposits required by
this subdivision, after the thirty-first day of December, two
thousand seven, from the taxes imposed by this section and paid to
the tax commissioner in each quarter of the year, after deducting
the amount of any refunds lawfully paid and any administrative
costs authorized by this code, the tax commissioner shall pay into
the Special Railroad and Intermodal Enhancement Fund provided for
in section seven-a, article sixteen-b, chapter seventeen of this code an amount equal to at least one million seventy-five thousand
dollars. In any quarter where the collections are less than the
amount required to be paid into the Special Railroad and Intermodal
Enhancement Fund, or where the total amount paid in any year will
be less than four million three hundred thousand dollars, the
difference shall be paid from amounts available from collections in
succeeding quarters until paid in full. Notwithstanding any
provision of this section to the contrary, the total amount to be
deposited into the Special Railroad and Intermodal Enhancement Fund
for the year two thousand sixteen shall not exceed two million one
hundred fifty thousand dollars.
(c) Notwithstanding any provision of this section to the
contrary, all provisions of this section relating to requiring the
deposit of moneys in the Special Railroad and Intermodal
Enhancement Fund shall expire at the end of the thirtieth day of
June, two thousand sixteen.
CHAPTER 17. ROADS AND HIGHWAYS.
ARTICLE 16B. PUBLIC PORT AUTHORITY.
§17-16B-7a. Special Railroad and Intermodal Enhancement Fund;
purposes.
There is hereby established in the State Treasury a Special
Railroad and Intermodal Enhancement Fund, which shall consist of
all amounts deposited into the fund pursuant to section forty-
three-a, article twenty-four, chapter eleven of this code. The
Special Railroad and Intermodal Enhancement Fund shall be administered by the West Virginia public port authority. The money
deposited in the fund shall be used only for the purpose of
construction, reconstruction, maintenance and repair of railways,
the construction of railway related structures and payment of
principal and interest on state bonds issued for railway purposes,
as approved by the West Virginia public port authority.
§17-16B-7b. Study of feasibility intermodal facility at Prichard,
West Virginia.
The West Virginia public port authority shall conduct a study
relating to the feasibility of the planning, development,
construction and operation of the intermodal facility at Prichard,
West Virginia, to determine whether the same is sustainable."
And,
By striking out the enacting section of the bill and inserting
in lieu thereof the following:
"That §11-15-18b of the Code of West Virginia, 1931, as
amended, be amended and reenacted; that said code be further
amended by adding thereto a new section, designated §11-24-43a; and
that said code be further amended by adding thereto two new
sections, designated §17-16B-7a and §17-16B-7b, all to read as
follows:
CHAPTER 11. TAXATION."
ADOPTED
REJECTED