SENATE CONCURRENT RESOLUTION NO. 70

(By Senators McCabe, Oliverio, Plymale, Kessler, Minard, McKenzie, Sprouse, Prezioso, Fanning, Bowman, Unger, Facemyer, and Caruth)

[Originating in the Committee on Economic Development]


Requesting the Joint Committee on Government and Finance study the West Virginia Tax Increment Financing Act to determine what, if any, changes need to be made in the act to reflect the current application of its provisions and to more effectively allow for its implementation.

Whereas, There is a continued need in West Virginia to encourage economic development and redevelopment projects, and reduce generally the existence of conditions that are unhealthful, unsafe and generally detrimental to the public welfare; and
Whereas, The West Virginia Tax Increment Financing Act has been an effective tool to generate economic growth and help revitalize areas throughout the state and the tax increment financing obligations under the act are issued pursuant to specified terms and conditions therein; and
Whereas, Utilization of the act and the desire to apply tax increment financing in a manner that will best aid in infrastructure development, minimize financial risk to taxpayers and most effectively achieve the public good requires that some of the provisions of the existing act be updated and amended; and
Whereas, In the 2008 Regular Session of the West Virginia Legislature, S.B. No. 741 was introduced to adopt such updates and amendments, reflecting the existing practices, policies and procedures of the West Virginia Development Office, the agency charged with administering the act at the state level, but additional time is needed in order to study these suggested changes; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby requested to study the West Virginia Tax Increment Financing Act to determine what, if any, changes need to be made in the act to reflect the current application of its provisions and to more effectively allow for its implementation; and, be it
Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2009, on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report and to draft necessary legislation be paid from legislative appropriations to the Joint Committee on Government and Finance.