WEST virginia legislature
2023 regular session
FISCAL NOTE
House Bill 2060
By Delegate Keaton
[Introduced January 11, 2023; Referred to the Committee on Economic Development and Tourism then Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §31-15A-25, relating to the reallocation of all Business and Occupation tax revenue, unless otherwise allocated, to a special revenue fund of the Infrastructure and Jobs Development Council; and providing for a three-year fiscal year phase-in date.
Be it enacted by the Legislature of West Virginia:
(a) Unless otherwise allocated in this article or §11-13-1 et seq. of this code, all proceeds collected from the Business and Occupation Tax Revenue shall hereby be allocated to the West Virginia Infrastructure and Jobs Development Council in the form of a special revenue fund.
(b) Beginning in fiscal year 2024, one third of all Business and Occupation Tax Revenue not otherwise allocated §11-13-1 et seq. of this code shall hereafter be allocated to the West Virginia Infrastructure and Jobs Development Council special revenue fund; in fiscal year 2024, two thirds of all Business and Occupation Tax Revenue not otherwise allocated §11-13-1 et seq. of this code shall hereafter be allocated to the West Virginia Infrastructure and Jobs Development Council special revenue fund; and in fiscal year 2026, the entirety of the Business and Occupation Tax Revenue not otherwise allocated §11-13-1 et seq. of this code shall hereafter be allocated to the West Virginia Infrastructure and Jobs Development Council special revenue fund.
(c) These payments do not otherwise affect Business and Occupation tax proceeds that are designated for other use §11-13-1 et seq. of this code or elsewhere in code.
NOTE: The purpose of this bill is to reallocate proceeds from the Business and Occupation Tax to West Virginia Infrastructure and Jobs Development over a three-year phase-in, unless otherwise allocated.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.