HB2212 HFIN FBM                                 HOUSE COMMITTEE ON FINANCE

FLOOR BOOK MEMO

HOUSE BILL 2212 (Changing the amount of severance tax revenue annually dedicated to the West Virginia Infrastructure General Obligation Debt Service Fund.)

Sponsors:   Mr. Speaker, (Mr. Armstead) and Delegate Miley

                    [By Request of the Executive]

Attorney:    AC

Date:           February 11, 2015

Title:           OK

Fiscal Note:          Yes

Code:          §31-15A-16 (amend)

Purpose: The bill would reduce, beginning July 1, 2015, the amount annually deposited into the WV Infrastructure General Obligation Debt Service Fund from severance taxes from the first $23 million collected to the first $22.5 million collected.

Notes: The bill’s reallocation of funds is included in the Governor’s official revenue estimates.

Committee Action: The Committee on Finance reported the bill without amendment.

Effective Date:     Regular