West Virginia 2023 Regular Session

West Virginia House Bill HB3005

Introduced
1/24/23  
Refer
1/24/23  
Engrossed
2/23/23  
Refer
2/24/23  

Caption

Relating to accelerating the conversion of the state excise tax on the privilege of transferring real property into a county excise tax

Impact

The implications of HB3005 are profound for state and local economies, as the redistribution of excise tax revenues could provide counties with more autonomy and resources to address local needs. This transition is set to take place in phases, ultimately transforming the existing state tax into a county tax by 2030, which would necessitate adjustments in how local governments manage and budget these funds. This is particularly relevant as additional fees introduced for property transfers will be directed into the newly established Affordable Housing Fund, aimed at improving housing accessibility in the state.

Summary

House Bill 3005 proposes significant changes to the legislation governing excise taxes related to the transfer of real property in West Virginia. The bill seeks to accelerate the transition of state excise tax revenues collected from property transfers into a county-level excise tax structure. By doing so, it aims to allow counties to retain a larger share of the excise taxes collected for their local purposes, with a gradual increase in the percentage of tax revenue retained by individual counties over the coming years. This shift is framed as a means to enhance local funding for county initiatives, particularly those related to community development and housing.

Sentiment

Support for HB3005 appears robust among local government officials and advocates for community development, who view it as a step towards empowering counties and encouraging local investment. By enhancing the financial capabilities of counties, proponents believe that this will lead to more tailored responses to local issues related to property and housing. However, the sentiment is not without controversy, with some expressing concerns over potential volatility in local funding or disparities between wealthy and less affluent counties that may arise from this reformed tax structure.

Contention

Notable points of contention include discussions around the stability of funding that counties will receive under the new structure and the implications it might have for state oversight and uniformity in tax policy. Opponents may argue that transitioning too much authority to local governments could result in inequalities and misuse of tax revenues unless stringent guidelines and accountability measures are enforced. The bill's provisions, particularly those related to the management of funds collected for the Affordable Housing Fund, will likely be central to any debates and further amendments as the bill progresses through the legislative process.

Companion Bills

No companion bills found.

Previously Filed As

WV HB4591

Relating to accelerating the conversion of the state excise tax on the privilege of transferring real property into a county excise tax

WV SB546

Authorizing county commissions to levy additional excise tax on transferring real property to fund local economic development

WV HB3389

Allocating a percentage of county excise taxes for improvements to election administration

WV SB522

Allocating percentage of county excise taxes for funding improvements to election administration

WV HB3486

Allocating a percentage of county excise taxes received from transfers of title to real estate in each county for election administration improvements

WV SB743

Adjusting percentage of tax retained by clerk of county commission for certain purposes

WV HB3118

To adjust the percent retained by the clerk of the county commission for funding election administration, infrastructure, and security, and other county clerk purposes

WV HB3223

Relating to fees collected and deposited into the Affordable Housing Fund

WV HB2112

Relating to exemptions from excise taxes

WV HB5049

Relating to exemptions from excise taxes

Similar Bills

HI HB1029

Relating To The Use Of Electronic Filing By The Public Utilities Commission.

HI HB1029

Relating To The Use Of Electronic Filing By The Public Utilities Commission.

HI SB1327

Relating To The Use Of Electronic Filing By The Public Utilities Commission.

CA AB1466

Real property: discriminatory restrictions.

CA SB557

Criminal proceedings: mental competence: expert reports.

CA AB2165

Electronic filing and service of documents.

VA HB124

State Corporation Commission; annual report filing requirements.

CA AB1634

Privacy.