West Virginia § 11-6-26 Operating fund for public utilities division in Auditorâs Office

West Virginia Statutes

§ 11-6-26 — Operating fund for public utilities division in Auditorâs Office

West Virginia·Ch. 11 TAXATION·Art. 6 ASSESSMENT OF PUBLIC SERVICE BUSINESSES

The Auditor shall establish a special operating fund in the state Treasury for the public utilities division in his or her office. The Auditor shall pay into the fund one and three eighths percent of the gross receipts of all moneys collected as provided for in this article. Up to one percent of the gross receipts shall be transferred from the operating fund to the tax loss restoration fund created in §11-6-27. From the operating fund, the Auditor shall reimburse the Tax Division for the actual operating expenses incurred in the performance of its duties required by this article not to exceed 50 percent of the fund balance after annual transfers to the tax loss restoration fund. Any moneys remaining in the special operating fund after annual transfers to the tax loss restoration fund shall

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The Auditor shall establish a special operating fund in the state Treasury for the public utilities division in his or her office. The Auditor shall pay into the fund one and three eighths percent of the gross receipts of all moneys collected as provided for in this article. Up to one percent of the gross receipts shall be transferred from the operating fund to the tax loss restoration fund created in §11-6-27. From the operating fund, the Auditor shall reimburse the Tax Division for the actual operating expenses incurred in the performance of its duties required by this article not to exceed 50 percent of the fund balance after annual transfers to the tax loss restoration fund. Any moneys remaining in the special operating fund after annual transfers to the tax loss restoration fund shall be used by the Tax Division and the Auditor for funding the operation of their offices. If, at the end of any fiscal year, the balance in the special operating fund established under this section exceeds 20 percent of the gross revenues from the special operating fund operations, the excess shall be transferred to the General Revenue Fund.

West Virginia § 11-6-26 (Operating fund for public utilities division in Auditorâs Office) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.