HB 5329
Expand the usage of impact fees for county development
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates an operational sinking fund to manage revenue from impact fees collected by West Virginia counties. The fund can be used to support various county operations, excluding schools, to help address the costs associated with population growth and development. Existing impact fee collections can also be used to initially populate this fund. The fund’s resources are capped at 25% of total impact fees assessed.
Key provisions
- Creates an operational sinking fund for impact fees.
- Allows use of funds for county operations (excluding schools).
- Limits the fund to 25% of total impact fees collected.
- Permits the use of existing impact fee collections to establish the fund.
- Establishes an effective date upon passage of the bill.
Who is affected
- West Virginia Counties
- Developers
- County Governments
- Taxpayers (indirectly)
Notable changes
- Establishes a dedicated fund for impact fee revenue.
- Specifies allowable uses for the fund within county operations.
Fiscal impact
The bill proposes that the operational sinking fund be limited to 25% of total impact fees collected, potentially impacting county budgeting and revenue allocation.
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