SENATE CONCURRENT RESOLUTION NO. 70
(By Senators McCabe, Oliverio, Plymale, Kessler, Minard,
McKenzie, Sprouse, Prezioso, Fanning, Bowman, Unger, Facemyer,
and Caruth)
[Originating in the Committee on Economic Development]
Requesting the Joint Committee on Government and Finance study
the West Virginia Tax Increment Financing Act to determine
what, if any, changes need to be made in the act to reflect
the current application of its provisions and to more
effectively allow for its implementation.
Whereas, There is a continued need in West Virginia to
encourage economic development and redevelopment projects, and
reduce generally the existence of conditions that are
unhealthful, unsafe and generally detrimental to the public
welfare; and
Whereas, The West Virginia Tax Increment Financing Act has
been an effective tool to generate economic growth and help
revitalize areas throughout the state and the tax increment
financing obligations under the act are issued pursuant to
specified terms and conditions therein; and
Whereas, Utilization of the act and the desire to apply tax
increment financing in a manner that will best aid in
infrastructure development, minimize financial risk to taxpayers
and most effectively achieve the public good requires that some
of the provisions of the existing act be updated and amended; and
Whereas, In the 2008 Regular Session of the West Virginia
Legislature, S.B. No. 741 was introduced to adopt such updates
and amendments, reflecting the existing practices, policies and
procedures of the West Virginia Development Office, the agency
charged with administering the act at the state level, but
additional time is needed in order to study these suggested
changes; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance is hereby
requested to study the West Virginia Tax Increment Financing Act
to determine what, if any, changes need to be made in the act to
reflect the current application of its provisions and to more
effectively allow for its implementation; and, be it
Further Resolved, That the Joint Committee on Government and
Finance report to the regular session of the Legislature, 2009,
on its findings, conclusions and recommendations, together with drafts of any legislation necessary to effectuate its
recommendations; and, be it
Further Resolved, That the expenses necessary to conduct
this study, to prepare a report and to draft necessary
legislation be paid from legislative appropriations to the Joint
Committee on Government and Finance.