ENROLLED
H. B. 104
(By Mr. Speaker, (Mr. Thompson) and Delegate Armstead)
[By Request of the Executive]
[Passed June 2, 2009; in effect from passage.]
AN ACT to amend and reenact §11-14C-48 of the Code of West
Virginia, 1931, as amended, all relating to the Motor Fuel
Excise Tax Shortfall Reserve Fund; providing for continuation
of the Motor Fuel Excise Tax Shortfall Reserve Fund;
specifying termination of the Motor Fuel Excise Tax Shortfall
Reserve Fund in 2013; and requiring the Commissioner of
Highways to submit reports to the Joint Committee on
Government and Finance for a specified time at specified
intervals.
Be it enacted by the Legislature of West Virginia:
That §11-14C-48 of the Code of West Virginia, 1931, as
amended, be amended and reenacted, all to read as follows:
ARTICLE 14C. MOTOR FUEL EXCISE TAX.
§11-14C-48. Motor Fuel Excise Tax Shortfall State Road Fund support payment.
(a) There is hereby created in the State Treasury a special
fund to be known and designated as the "Motor Fuel Excise Tax
Shortfall Reserve Fund" to be administered by the Tax Commissioner
for the purposes provided by this section. The fund shall consist
of moneys transferred to the General Revenue Fund pursuant to
appropriation of the Legislature. At the end of each fiscal year,
during the fund's existence, the moneys in the fund shall not
expire to the general fund, but shall remain available for
expenditure during the ensuing fiscal year. The fund shall
terminate on August 1, 2013. Any moneys remaining in the fund on
that termination date shall be transferred to the General Revenue
Fund. No provision of this section may be construed to require
funding for the purposes of this section in excess of amounts
transferred to the fund pursuant to appropriation of the
Legislature.
(b)
Monthly shortfalls for fiscal years beginning on July 1,
2008, 2009, 2010, 2011 and 2012. -- Beginning on July 31 of each
fiscal year beginning in 2008, 2009, 2010, 2011 and 2012, and on
the last day of each month of each specified fiscal year until, and
including, June 30, 2013, or as soon after the last day of each
month as is practicable, the Tax Commissioner shall determine the
amount of the monthly motor fuel excise tax revenue shortfall that occurred for each month. No such determination shall be made for
any month ending after June 30, 2013.
(1)
Transfer for monthly shortfall. -- Within thirty days
after making the determination of the monthly motor fuel excise tax
revenue shortfall that occurred for each month, the Tax
Commissioner shall transfer moneys in an amount equal to the amount
of the motor fuel excise tax revenue shortfall that occurred for
each month from the Motor Fuel Excise Tax Shortfall Reserve Fund to
the State Road Fund:
Provided, That the total amount of moneys
transferred from the Motor Fuel Excise Tax Shortfall Reserve Fund
to the State Road Fund in each specified fiscal year through total
aggregate monthly transfers shall not exceed the balance remaining
in the Motor Fuel Excise Tax Shortfall Reserve Fund. No such
transfer shall be made that is attributable to any month beginning
after June 30, 2013:
Provided, however, That transfers
attributable to the reconciliation for the period beginning July 1,
2012, to June 30, 2013, mandated by paragraph (2) of this
subsection shall be made, if required.
(2)
Annual reconciliation. -- On June 30 of each fiscal year
beginning in 2008, 2009, 2010, 2011 and 2012, or as soon thereafter
as is practicable, the Tax Commissioner shall determine the amount
of the annual motor fuel excise tax revenue shortfall that occurred
for each of the specified fiscal years.
(A)
Transfer for annual reconciliation for the fiscal year. --
The amount of the annual motor fuel excise tax revenue shortfall
that occurred for each specified fiscal year shall be compared to
the total amount of moneys transferred from the Motor Fuel Excise
Tax Shortfall Reserve Fund to the State Road Fund over the same
fiscal year through total aggregate monthly transfers. The
resulting difference is the reconciliation amount.
(B)
Net Shortfall. -- If the total amount of moneys
transferred from the Motor Fuel Excise Tax Shortfall Reserve Fund
to the State Road Fund for each specified fiscal year through total
aggregate monthly transfers is less than the amount of the annual
motor fuel excise tax revenue shortfall that occurred over the same
fiscal year, then on or before August 1 next succeeding the end of
each such specified fiscal year, an amount of money equal to the
reconciliation amount shall be transferred by the Tax Commissioner
from the Motor Fuel Excise Tax Shortfall Reserve Fund to the State
Road Fund:
Provided, That the sum of the reconciliation amount
subject to transfer and the total amount of moneys transferred from
the Motor Fuel Excise Tax Shortfall Reserve Fund to the State Road
Fund in each such fiscal year through total aggregate monthly
transfers shall not exceed the amount remaining in the Motor Fuel
Excise Tax Shortfall Reserve Fund.
(C)
Net Overage. -- If the total amount of moneys transferred from the Motor Fuel Excise Tax Shortfall Reserve Fund to the State
Road Fund for each specified fiscal year through total aggregate
monthly transfers is greater than the amount of the annual motor
fuel excise tax revenue shortfall that occurred over the same
fiscal year, then moneys equal to the reconciliation amount shall
be offset against amounts that would have otherwise been
transferred by the Tax Commissioner from the Motor Fuel Excise Tax
Shortfall Reserve Fund to the State Road Fund under this section in
the next succeeding fiscal year, and moneys transferred shall
accordingly decrease.
(c) Definitions. --
(1) "Calendar year" means the year beginning on January 1 and
ending on December 31.
(2) "Motor fuel excise tax revenue shortfall" means the
official West Virginia state revenue estimate for motor fuel excise
tax revenues for a designated period minus the amount of motor fuel
excise tax collected for the same period:
Provided, That if the
motor fuel excise tax collected for the designated period is
greater than the official West Virginia state revenue estimate for
motor fuel excise tax revenues for the same period, the motor fuel
excise tax revenue shortfall is zero for the period.
(d)
Reporting. -- The Commissioner of Highways shall submit a
report to the Joint Committee on Government and Finance not later than the last day of each month for the period of July 1 2008
through June 30, 2013, providing an analysis of the financial
status of the State Road Fund and funds for highway maintenance.