This bill proposes amendments to the West Virginia Code regarding the distribution of ad valorem property tax revenues collected from high-impact data centers. Specifically, it modifies the existing formula to allocate 80 percent of these revenues directly to the counties where the data centers are located. The bill also establishes a clearer method for funding the Personal Income Tax Reduction Fund, ensuring that it is supported by appropriations from the Legislature and other legal provisions, rather than solely from the tax revenues generated by high-impact data centers.

Additionally, the bill outlines the responsibilities of the State Auditor in maintaining separate accounts for each high-impact data center project and specifies how ad valorem property tax revenues should be calculated and distributed among various levying bodies. Notably, it eliminates the previous requirement that 50 percent of the tax increment be allocated to the Personal Income Tax Reduction Fund, redistributing those funds to the situs county and other designated funds. Overall, the bill aims to enhance local funding for counties hosting high-impact data centers while clarifying the financial mechanisms involved in the Personal Income Tax Reduction Fund.

Statutes affected:
Introduced Version: 11-6N-4, 11B-2-33