SB 885
Creating Tax and Expenditure Limitation Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the Tax and Expenditure Limitation Act, aims to place restrictions on how West Virginia state and local government entities can spend money and raise taxes. It requires voter approval for new tax increases, certain spending increases, and debt creation, with exceptions for emergencies and refinancing. The bill also establishes spending limits based on population growth, inflation, and personal income, and creates a budget stabilization fund to manage revenue fluctuations. Finally, it addresses mandated and shifted costs between local governments.
Key provisions
- Requires voter approval for new tax rate increases, mill levies, and property valuation increases.
- Limits state and local government spending based on population growth, inflation, and personal income.
- Creates a budget stabilization fund to manage revenue surpluses and deficits.
- Prohibits the state from imposing new costs on local governments without specific appropriations.
- Establishes a requirement for local governments to transfer excess revenues to an emergency reserve fund.
- Defines key terms related to the Act, including ‘inflation,’ ‘population,’ and ‘fiscal year spending.’
- Specifies that voter approval is required for the creation of multi-fiscal year debt.
- Requires the state treasurer to transfer excess revenues to the emergency reserve fund.
Who is affected
- State government
- Local government districts (cities, counties, school districts, etc.)
- West Virginia taxpayers
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