Senate Bill No. 642
(By Senators Plymale, Unger, Snyder, Jenkins and McCabe)
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[Introduced March 19, 2009; referred to the Committee on
Transportation and Infrastructure; and then to the Committee on
Finance.]
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A BILL to amend and reenact §11-24-43a of the Code of West
Virginia, 1931, as amended, relating to eliminating certain
provisions requiring the deposit of moneys in the Special
Railroad and Intermodal Enhancement Fund; and eliminating
limit on the total amount to be deposited into the fund for
the year 2016.
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 to read as follows:
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 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 June 30, two thousand
sixteen.
NOTE: The purpose of this bill is to eliminate the provision
expiring provisions relating to requiring the deposit of moneys in
the Special Railroad and Intermodal Enhancement Fund; and eliminate
the $2,150,000 limit on the total amount to be deposited into the
fund for the year 2016.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.