COMMITTEE SUBSTITUTE
FOR
H. B. 4601
(By Delegate Michael)
(Originating in the Committee on Finance)
[February 23, 2006]
A BILL 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.
Be it enacted by the Legislature of West Virginia:
That §11-6-26 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
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: Provided, That effective the first day of
July, two thousand six, the Auditor shall pay into the fund two
percent of the gross receipts of all moneys collected as provided
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 tax division
department of tax and revenue for the actual operating expenses
incurred in the performance of its duties required by this article;
the reimbursement to the tax department division from the fund
shall not exceed fifty percent of three eighths of one percent of
the annual deposits to the fund: Provided, That effective the
first day of July, two thousand six, the reimbursement to the tax
division from the fund shall not exceed fifty percent of one
percent of the annual deposits to the fund. Any moneys remaining
in the special operating fund after reimbursement to the tax
department division
shall be used by the Auditor for funding the
operation of the Public Utilities Division located in his or her
office. 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revenues plus fifty thousand dollars, the excess shall be withdrawn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.