HB 5272
Appropriations from the state Revenue Shortfall Fund and the Income Tax Reserve Fund be utilized to initiate investments in flood prevention initiatives to reduce the impact of severe flooding
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill aims to increase funding for flood prevention efforts in West Virginia. It proposes using money from the state’s Revenue Shortfall Fund and Income Tax Reserve Fund to establish a Flood Fund, initially capitalized at $250 million. The funds will be used to support the State Resiliency and Flood Protection Plan Act and initiate proactive measures to reduce the impact of severe flooding events across the state.
Key provisions
- Allocates $100 million from the Revenue Shortfall Fund to the Flood Fund.
- Allocates $150 million from the Income Tax Reserve Fund to the Flood Fund.
- Increases the total capitalization of the West Virginia Flood Resiliency Trust Fund to $250 million.
- Requires the State Resiliency Officer to provide annual expenditure reports to the State Resiliency Office Board.
- Establishes a process for the State Resiliency Office Board to review and approve expenditures.
- Allows for the replenishment of the Flood Fund up to $250 million.
- Directs at least six percent of Community Development Block Grant-Disaster Recovery funds to flood resiliency plan development and implementation.
Who is affected
- West Virginia residents and communities prone to flooding
- State government agencies involved in disaster response and resilience
- The State Resiliency Office
- Local governments and organizations impacted by flooding
Notable changes
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