HB2213 HFIN FBM                                HOUSE COMMITTEE ON FINANCE

FLOOR BOOK MEMO

HOUSE BILL 2213 (Reducing the distributions to the West Virginia Infrastructure Fund.)

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

                              [By Request of the Executive]

Attorney:              AC

Date:                     February 6, 2015

Title:                     Needs Amendment

Fiscal Note:          Yes

Code:                    §29-22-18d (amend)

Purpose: The bill would amend the provisions of the moneys being deposited into the WV Infrastructure Fund. It makes two substantive changes to current code:

          (1) It reduces the amount of excess lottery proceeds deposited in the WV Infrastructure Fund for FY2016 from $40 million to $30 million; and

          (2) It continues the expansion of amount that may be disbursed from the WV Infrastructure Fund for grants for infrastructure projects from 20% to 50% of the total funds available for the funding of projects (the remainder may be used for other types of infrastructure funding, including loans or loan guarantees).

Notes: The reallocation of funds authorized by this bill is included in the Governor’s revenue estimate.

Committee Action: The Committee on Finance reported with an amendment to the title.

Effective Date:     Regular