SB 50
Providing all coal severance tax be provided to county that produced coal
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill proposes to direct all coal severance tax revenue in West Virginia to the counties where the coal was originally mined. It will gradually increase the percentage of tax revenue allocated to these counties, starting at one percent in 2012 and increasing to five percent by 2016. The revenue will be deposited into a special fund and distributed quarterly to the counties, with funds earmarked for economic development and infrastructure projects. The bill also establishes a process for auditing the distribution of these funds and requires counties to report on how the funds are spent.
Key provisions
- Increases the percentage of coal severance tax revenue allocated to coal-producing counties, starting at 1% in 2012 and reaching 5% by 2016.
- Establishes a ‘Coal County Reallocated Severance Tax Fund’ to manage the distribution of these funds.
- Funds allocated to counties can only be used for economic development and infrastructure projects.
- Requires counties to report annually on how funds are spent.
- Authorizes legislative and emergency rules for the administration of the fund.
- Specifies a method for distributing funds based on coal mined in each county.
- Sets a limit on the total amount of funds that can be distributed in any single fiscal year.
- Excludes a specific portion of the severance tax from the calculation.
Who is affected
- County governments in West Virginia
- Coal mining communities in West Virginia
- The State of West Virginia
- Coal companies operating in West Virginia
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