SB550 Armstead 3-10 #2

    Delegate Armstead moves to amend the committee substitute on page twenty-five, section ten, line thirty-four, by striking the words “Licensed Racetrack Modernization Fund” and inserting in lieu thereof the following:

“Food Tax Elimination Fund”


    On page twenty-six, section ten, line forty-seven, by striking the entirety of subdivision (2) and inserting in lieu thereof the following:    “(2) A Food Tax Elimination Fund is created within the Department of Revenue. For all fiscal years beginning on or after July 1, 2011, and ending with the fiscal year beginning July 1, 2020, the commission shall deposit all such amounts as are available according to subdivision (1), subsection (b) of this section into this Fund, to be used for the purposes of financing programs within the general Revenue Budget of the state of West Virginia as a mechanism to providing an alternate revenue stream which will allow for the elimination and abolition of the sales tax on food.”


    On page forty five, section twenty-two, line twenty-seven, following the word “account” by striking the words:

“a separate facility modernization account maintained within the Historic Resort Hotel Modernization Fund for each historic resort hotel. For each dollar expended by a historic resort hotel for video lottery or table gaming facility modernization improvements at the historic resort hotel, having a useful life of three or more years and placed in service after April 1, 2011, the historic resort hotel shall receive $1 in recoupment from its facility modernization account. For purposes of this section, the term “video lottery or table gaming facility modernization improvements” include acquisition of computer hardware and software, communications and Internet access equipment, security and surveillance equipment, video lottery terminals and other electronic equipment or other equipment designed to modernize the facility.” and inserting in lieu thereof the following: “the Food Tax Elimination Fund created in subdivision (2) of subsection (b) of section ten of Article twenty-two-a of chapter twenty nine to carry out the mandated purpose of that funds.”