SB461 H JUD AM 3-3 #1

    The Committee on the Judiciary moves to amend the bill on page one, following the enacting section, by striking out the remainder of the bill and inserting in lieu thereof the following language:

“ARTICLE 13A. SEVERANCE AND BUSINESS PRIVILEGE TAX ACT.

§11-13A-5b. Creation of West Virginia Future Fund; legislative intent; calculation of deposits from excess severance tax revenues; permissible uses of investment income and limitations on expenditures; definitions.

    (a) There is hereby created in the State Treasury a special revenue account, designated the West Virginia Future Fund, which is an interest-bearing account and may be invested by the West Virginia Investment Management Board in the manner permitted by the provisions of article six, chapter twelve of this code, with the investment income to be credited to the fund and deposited in the special revenue account.

    (b) The Legislature declares its intention to use the fund as a means of conserving a portion of the state’s revenue derived from the increased revenue proceeds received by the state as a result of any oil and natural gas production as well as other funding sources as the Legislature may designate in order to meet future needs. The principal of the fund shall remain inviolate and no portion of the principal may be appropriated, expended or encumbered by the Legislature or any official of the state. Only the investment income of this fund may be appropriated and expended and then only for the purposes described in this section.

    (c) Notwithstanding any provision of this code to the contrary, commencing with the fiscal year beginning on July 1, 2014, twenty-five percent of the annual revenue in excess of $175 million that is collected and received pursuant to the provisions of section three-a, article thirteen-a, chapter eleven of this code shall be deposited in this fund. The Legislature may, by general appropriation or by designation of other funding sources, deposit into the fund additional moneys as it considers appropriate.

    (d) In order to maximize the value of the fund, no money from the fund may be expended or appropriated until fiscal year 2020 and thereafter the Legislature may appropriate moneys from the fund solely for economic development projects, infrastructure projects and education enhancement.

    (e) For purposes of this section:

    (1) “Economic development project” means a project in the state which is likely to foster economic growth and development in the area in which the project is developed for commercial, industrial, community, cultural or historical improvement or preservation or other proper purposes.

    (2) “Infrastructure project” means a project in the state which is likely to foster infrastructure improvements including, but not limited to, post-mining land use, water or wastewater facilities or a part thereof, storm water systems, steam, gas, telephone and telecommunications, broadband development, electric lines and installations, roads, bridges, railroad spurs, drainage and flood control facilities, industrial park development or buildings that promote job creation and retention.”