Adopted by House 3-5-07
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