WEST virginia Legislature
2016 regular session
Senate Bill 352
Senators Cole (Mr. President) and Kessler
(By Request of the Executive)
Referred to the Committee on Finance.]
A BILL to amend and reenact §11-24-43a of the Code of West Virginia, 1931, as amended, relating to dedication of corporation net income tax proceeds to railways; and specifying that dedication of corporation net income tax proceeds to railways expires and is void on and after January 1, 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 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 subsection, 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 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 2013 may not
exceed $2,150,000: Provided, That no deposits
shall may be
made into the Special Railroad and Intermodal Enhancement Fund during the
fiscal year 2014.
(c) Notwithstanding any provision of this section or this code to the contrary, all provisions of this section relating to requiring the deposit of moneys into the Special Railroad and Intermodal Enhancement Fund expire and are void on and after January 1, 2016.
NOTE: The purpose of this bill is to eliminate dedication of corporation net income tax revenues to and deposits of such revenues into the Special Railroad Intermodal Enhancement Fund on and after January 1, 2016.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.