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Introduced Version Senate Bill 174 History

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Key: Green = existing Code. Red = new code to be enacted
Senate Bill No. 174

(By Senators Plymale, Jenkins and Oliverio)

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[Introduced January 13, 2010; 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 terminating 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.
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