Introduced Version
House Bill 2519 History
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Key: Green = existing Code. Red = new code to be enacted
H. B. 2519
(By Mr. Speaker, (Mr. Thompson) and Delegate Armstead)
[By Request of the Executive]
[Introduced
February 18, 2013
; referred to the
Committee on Energy, Industry and Labor, Economic Development and
Small Business then Finance.]
A BILL to amend and reenact §11-24-43a of the Code of West
Virginia, 1931, as amended; to amend and reenact §31-15A-16 of
said code; and to amend and reenact §33-20F-4 of said code,
all relating to reallocation and repatriation of certain funds
to the General Revenue Fund; specifying that dedication of tax
proceeds for deposit in the Special Railroad and Intermodal
Enhancement Fund expire at the end of June 30, 2013; reducing
the amount deposited annually to the credit of the West
Virginia Infrastructure General Obligation Debt Service Fund,
subject to certain limitations, conditions and constraints;
deleting obsolete provisions regarding a loan from the Tobacco
Settlement Medical Trust Fund to the Physician's Mutual
Insurance Company; deleting the provision requiring some taxes
on medical malpractice insurance premiums to be paid into the
Revenue Shortfall Reserve Fund; and specifying effective dates.
Be it enacted by the Legislature of West Virginia:
That §11-24-43a of the Code of West Virginia, 1931, as
amended, be amended and reenacted; that §31-15A-16 of said code be
amended and reenacted; and that §33-20F-4 of said code be amended
and reenacted, all to read as follows:
CHAPTER 11. TAXATION.
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-43a. Dedication of tax proceeds to railways.
(a) Beginning January 1, 2008, there is hereby dedicated an
annual amount of up to $4,300,000 from annual collections of the
tax imposed by this article 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 December 31, 2007, 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
$1,075,000. 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 $4,300,000, 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 2013 may not exceed $2,150,000.
(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 expires at the end of the thirtieth day of
June, two thousand sixteen June 30, 2013.
CHAPTER 31. CORPORATIONS.
ARTICLE 15A. WEST VIRGINIA INFRASTRUCTURE AND JOBS DEVELOPMENT
COUNCIL.
§31-15A-16. Dedication of severance tax proceeds.
(a) There shall be dedicated an annual amount from the
collections of the tax collected pursuant to article thirteen-a,
chapter eleven of this code for the construction, extension,
expansion, rehabilitation, repair and improvement of water supply and sewage treatment systems and for the acquisition, preparation,
construction and improvement of sites for economic development in
this state as provided in this article.
(b) Notwithstanding any other provision of this code to the
contrary, beginning on July 1, 1995, the first $16 million of the
tax collected pursuant to article thirteen-a, chapter eleven of
this code shall be deposited to the credit of the West Virginia
Infrastructure General Obligation Debt Service Fund created
pursuant to section three, article fifteen-b of this chapter:
Provided, That beginning on July 1, 1998, the first $24 million of
the tax annually collected pursuant to article thirteen-a of this
code shall be deposited to the credit of the West Virginia
Infrastructure General Obligation Debt Service Fund created
pursuant to section three, article fifteen-b of this chapter:
Provided, however, That subject to the conditions, limitations,
exclusions and constraints prescribed by subsection (c) of this
section, beginning on July 1, 2013, the amount deposited under this
subsection to the credit of the West Virginia Infrastructure
General Obligation Debt Service Fund created pursuant to section
three, article fifteen-b of this chapter shall be the first $23
million of the tax annually collected pursuant to article thirteen-
a, chapter eleven of this code.
_____(c) Notwithstanding any provision of subsection (b) of this
section to the contrary: (1) None of the collections from the tax imposed pursuant to section six, article thirteen-a, chapter eleven
of this code shall be so dedicated or deposited; and (2) the
portion of the tax imposed by article thirteen-a, chapter eleven
and dedicated for purposes of Medicaid and the Division of Forestry
pursuant to section twenty-a of said article thirteen-a shall
remain dedicated for the purposes set forth in that section
twenty-a.
(d) On or before May 1 of each year, commencing May 1, 1995,
the council, by resolution, shall certify to the Treasurer and the
Water Development Authority the principal and interest coverage
ratio and amount for the following fiscal year on any
infrastructure general obligation bonds issued pursuant to the
provisions of article fifteen-b of this chapter.
CHAPTER 33. INSURANCE.
ARTICLE 20F. PHYSICIANS' MUTUAL INSURANCE COMPANY.
§33-20F-4. Authorization for creation of company; requirements
and limitations.
(a) Subject to the provisions of this article, a physicians'
mutual insurance company may be created as a domestic, private,
nonstock, nonprofit corporation. As an incentive for its creation,
the company may be eligible for funds from the Legislature in
accordance with the provisions of section seven of this article
trm
655133356
No longer needed, any incentive funds have been given and presumably used by now
.
The company must remain for the duration of its existence a domestic mutual insurance company owned by its policyholders and
may not be converted into a stock corporation, a for-profit
corporation or any other entity not owned by its policyholders. The
company may not declare any dividend to its policyholders; sell,
assign or transfer substantial assets of the company; or write
coverage outside this state, except for counties adjoining this
state, until after any and all debts owed by the company to the
state have been fully paid.
(b) For the duration of its existence, the company is not and
may not be considered a department, unit, agency, or
instrumentality of the state for any purpose. All debts, claims,
obligations, and liabilities of the company, whenever incurred,
shall be the debts, claims, obligations, and liabilities of the
company only and not of the state or of any department, unit,
agency, instrumentality, officer or employee of the state.
(c) The moneys of the company are not and may not be
considered part of the General Revenue Fund of the state. The
debts, claims, obligations, and liabilities of the company are not
and may not be considered a debt of the state or a pledge of the
credit of the state.
(d) The company is not subject to provisions of article nine-
a, chapter six of this code or the provisions of article one,
chapter twenty-nine-b of this code.
(e) (1) All premiums collected by the company are subject to the premium taxes, additional premium taxes, additional fire and
casualty insurance premium taxes and surcharges contained in
sections fourteen, fourteen-a, fourteen-d and thirty-three, article
three of this chapter. Provided, That while the loan to the company
of moneys from the West Virginia Tobacco Settlement Medical Trust
Fund pursuant to section nine of this article remains outstanding,
the commissioner may waive the company's premium taxes, additional
premium taxes and additional fire and casualty insurance premium
taxes if payment would render the company insolvent or otherwise
financially impaired.
(2) On and after the first day of July, two thousand three,
any premium taxes and additional premium taxes paid by the company
and by any insurer on its medical malpractice line pursuant to
sections fourteen and fourteen-a, article three of this chapter,
shall be temporarily applied toward replenishing the moneys
appropriated from the West Virginia Tobacco Settlement Medical
Trust Fund pursuant to subsection (c), section two, article eleven-
a, chapter four of this code pending repayment of the loan of such
moneys by the company.
(3) The State Treasurer shall notify the commissioner when the
moneys appropriated from the West Virginia tobacco settlement
medical trust have been fully replenished, at which time the
commissioner shall resume depositing premium taxes and additional
premium taxes diverted pursuant to subdivision (2) of this subsection in accordance with the provisions of sections fourteen
and fourteen-a, article three of this chapter.
(4) Payments received by the treasurer from the company in
repayment of any outstanding loan made pursuant to section nine of
this article shall be deposited in the West Virginia Tobacco
Settlement Medical Trust Fund and dedicated to replenishing the
moneys appropriated therefrom under subsection (c), section two,
article eleven-a, chapter four of this code. Once the moneys
appropriated from the West Virginia Tobacco Settlement Medical
Trust Fund have been fully replenished, the treasurer shall deposit
any payments from the company in repayment of any outstanding loan
made pursuant to section nine of this article in said fund and
transfer a like amount from said fund to the commissioner for
disbursement in accordance with the provisions of sections fourteen
and fourteen-a, article three of this chapter.
(5) Notwithstanding any other provision of this code to the
contrary, on and after the effective date of the amendment and
reenactment of this section during the regular session of the
Legislature in two thousand six, all moneys otherwise required by
this section to be deposited in the West Virginia Tobacco
Settlement Medical Trust Fund and dedicated to replenishing the
moneys transferred therefrom under subsection (c), section two,
article eleven-a, chapter four of this code shall instead be paid
into the Revenue Shortfall Reserve Fund - Part B created in section twenty, article two, chapter eleven-b of this code.
_____(f) Effective Date - The changes to this section adopted in
2013 are effective and apply on and after July 1, 2013.
NOTE: The purpose of this bill is to terminate all deposits of
corporate net income tax moneys into the special Railroad and
Intermodal Enhancement Fund after June 30, 2013; to change the
amount of the annual severance tax dedicated to the Infrastructure
General Obligation Debt Service Fund from $24 million to $23
million; to eliminate obsolete provisions regarding a loan from the
Tobacco Settlement Medical Trust Fund to the Physician's Mutual
Insurance Company; and to remove certain premium taxes from being
deposited into the Revenue Shortfall Reserve Fund.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.