§4-11A-18. Dedication of personal income tax proceeds as replacement moneys for anticipated tobacco master settlement agreement proceeds to the Old Fund


Published: 2015

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WEST VIRGINIA CODE











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WVC 4 - 11 A- 18

§4-11A-18. Dedication of personal income tax proceeds as

replacement moneys for anticipated tobacco master

settlement agreement proceeds to the Old Fund.

(a) There is hereby dedicated an annual amount of fifty

million four hundred thousand dollars from annual collections of

the tax imposed by article twenty-one, chapter eleven of this code

as a portion of the revenue source dedicated to satisfy the Old

Fund liabilities as they occur to provide a dollar for dollar

replacement of the first thirty million dollars received pursuant

to section IX(c)(1) of the master settlement agreement and the

anticipated strategic compensation payments to be received pursuant

to section IX(c)(2) of the master settlement agreement as

previously dedicated to the Old Fund prior to the sale of state's

share to the Tobacco Settlement Finance Authority. No portion of

this amount may be pledged for payment of debt service on revenue

bonds issued pursuant to article two-d, chapter twenty-three of

this code.

(b) Notwithstanding any other provision of this code to the

contrary, beginning immediately after the sale of the state's share

to the Tobacco Settlement Finance Authority, fifty million four

hundred thousand dollars from collections of the tax imposed by

article twenty-one, chapter eleven of this code shall be deposited

each calendar year to the credit of the Old Fund created in article

two-d, chapter twenty-three of this code in accordance with the

following schedule. Each calendar month, except for July, August and September each year, five million six hundred thousand dollars

shall be transferred, on or before the twenty-eighth day of the

month, to the Workers' Compensation Debt Reduction Fund created in

article two-d, chapter twenty-three of this code. The transfers

pursuant to this section are in addition to the transfers pursuant

to section ninety-six, article twenty-one, chapter eleven of this

code.

(c) Expiration. -- The transfers required by this section

shall continue to be made until the Governor certifies to the

Legislature that an independent actuary study determined that the

unfunded liability of the Old Fund, as defined in chapter

twenty-three of this code, has been paid or provided for in its

entirety. No transfer pursuant to this section shall be made

thereafter.





Note: WV Code updated with legislation passed through the 2015 Regular Session

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