West Virginia Future Fund

Last updated

The West Virginia Future Fund is a permanent trust fund which began operations in March 2014. It was established via the passage of SB 461 and SJR 14 to make the fund constitutionally protected under West Virginia law. Funding comes from a 25% natural gas and oil severance tax. Under the law, only the interest and other income will be spent, while the principal will accumulate.

Beginning in 2020, the fund will start paying out dividends to finance activities such as education, human resource development, economic development, infrastructure development, and tax relief. The fund is expected to reach $127 million by 2019. It will remain in the control of the West Virginia Treasurer's Office, and will be invested by the West Virginia Investment Management Board. [1]

Related Research Articles

<span class="mw-page-title-main">West Virginia</span> U.S. state

West Virginia is a state in the Appalachian, Mid-Atlantic and Southeastern regions of the United States. It is bordered by Pennsylvania to the north and east, Maryland to the east and northeast, Virginia to the southeast, Kentucky to the southwest, and Ohio to the northwest. West Virginia is the 10th-smallest state by area and ranks as the 12th-least populous state, with a population of 1,793,716 residents. The capital and largest city is Charleston.

<span class="mw-page-title-main">Conservation easement</span> Type of legal arrangement applying to land

In the United States, a conservation easement is a power invested in a qualified private land conservation organization or government to constrain, as to a specified land area, the exercise of rights otherwise held by a landowner so as to achieve certain conservation purposes. It is an interest in real property established by agreement between a landowner and land trust or unit of government. The conservation easement "runs with the land", meaning it is applicable to both present and future owners of the land. The grant of conservation easement, as with any real property interest, is part of the chain of title for the property and is normally recorded in local land records.

<span class="mw-page-title-main">Chesterfield County, Virginia</span> County in Virginia, United States

Chesterfield County is located just south of Richmond in the Commonwealth of Virginia. The county's borders are primarily defined by the James River to the north and the Appomattox River to the south. Its county seat is Chesterfield Court House.

<span class="mw-page-title-main">Shelley Moore Capito</span> American politician and educator (born 1953)

Shelley Wellons Moore Capito is an American politician and retired educator serving as the junior United States senator for West Virginia since 2015. A Republican, she is the daughter of three-term West Virginia governor Arch Alfred Moore Jr. Capito was the U.S. representative for West Virginia's 2nd congressional district from 2001 until her 2014 election to the Senate. She is the dean of West Virginia's congressional delegation, serving since 2001.

<span class="mw-page-title-main">Bob Wise</span> American politician (born 1948)

Robert Ellsworth Wise Jr. is an American politician who served as the 33rd Governor of West Virginia from 2001 to 2005. A member of the Democratic Party, Wise also served in the United States House of Representatives from 1983 until 2001. In 2005 Wise became the president of the Alliance for Excellent Education, a nonprofit organization that focuses on reforming the nation's high schools. In 2015, North Carolina State University honored Wise with the William and Ida Friday Institute for Educational Innovation's Friday Medal which recognizes significant, distinguished and enduring contributions to education through advocating innovation, advancing education and imparting inspiration.

<span class="mw-page-title-main">Arch A. Moore Jr.</span> American politician and lawyer

Arch Alfred Moore Jr. was an American lawyer and Republican politician from West Virginia. He began his political career as a state legislator in 1952. He was elected the 28th and 30th governor of West Virginia, serving from 1969 until 1977 and again from 1985 until 1989, he is the longest-serving West Virginia Governor in state history with 12 years of service. He is the father of U.S. Senator Shelley Moore Capito.

<span class="mw-page-title-main">International Financial Services Centre</span> Financial centre in Dublin, Ireland

The International Financial Services Centre (IFSC) is an area of central Dublin and part of the CBD established in the 1980s as an urban regeneration area and special economic zone (SEZ) on the derelict state-owned former port authority lands of the reclaimed North Wall and George's Dock areas of the Dublin Docklands. The term has become a metonym for the Irish financial services industry as well as being used as an address and still being classified as an SEZ.

<span class="mw-page-title-main">Joe Manchin</span> American politician and businessman (born 1947)

Joseph Manchin III is an American politician and businessman serving as the senior United States senator from West Virginia, a seat he has held since 2010. A member of the Democratic Party, Manchin was the 34th governor of West Virginia from 2005 to 2010 and the 27th secretary of state of West Virginia from 2001 to 2005. He became the state's senior U.S. senator when Jay Rockefeller retired in 2015. Manchin has called himself a "centrist, moderate, conservative Democrat" and is generally cited as the most conservative Democrat in the Senate. Before entering politics, Manchin helped found and was the president of Enersystems, a coal brokerage company his family owns and operates. Manchin is known for working with congressional Republicans on issues such as abortion, immigration, energy policy, and gun control.

<span class="mw-page-title-main">Tax increment financing</span>

Tax increment financing (TIF) is a public financing method that is used as a subsidy for redevelopment, infrastructure, and other community-improvement projects in many countries, including the United States. The original intent of a TIF program is to stimulate private investment in a blighted area that has been designated to be in need of economic revitalization. Similar or related value capture strategies are used around the world.

<span class="mw-page-title-main">Readjuster Party</span> Political party in late 19th-century Virginia

The Readjuster Party was a bi-racial state-level political party formed in Virginia across party lines in the late 1870s during the turbulent period following the Reconstruction era that sought to reduce outstanding debt owed by the state. Readjusters aspired "to break the power of wealth and established privilege" among the planter elite of white men in the state and to promote public education. The party's program attracted support among both white people and African-Americans.

<span class="mw-page-title-main">Tim Kaine</span> American lawyer and politician (born 1958)

Timothy Michael Kaine is an American lawyer and politician serving as the junior United States senator from Virginia since 2013. A member of the Democratic Party, he served as the 38th lieutenant governor of Virginia from 2002 to 2006 and 70th governor of Virginia from 2006 to 2010. Kaine was the Democratic nominee for vice president of the United States in the 2016 election as Hillary Clinton's running mate.

<span class="mw-page-title-main">Bloomberg Industry Group</span>

Bloomberg Industry Group is an affiliate of Bloomberg L.P. and a source of legal, tax, regulatory, and business information for professionals. It is headquartered in Arlington County, Virginia. The CEO of the company is Josh Eastright.

In Australia, superannuation, or just super, is the term for retirement pension benefit funds. Employers make compulsory contributions into these funds on behalf of their employees.

<span class="mw-page-title-main">Bob McDonnell</span> American attorney and politician

Robert Francis McDonnell is an American attorney, businessman, politician, and former military officer who served as the 71st governor of Virginia from 2010 to 2014, whose career ended after his corruption scandal and conviction. A member of the Republican Party, McDonnell also served on the executive committee of the Republican Governors Association. McDonnell was a lieutenant colonel in the United States Army Reserve. He served in the Virginia House of Delegates from 1992 to 2006, and was attorney general of Virginia from 2006 to 2009.

The Mon–Fayette Expressway is a partially-completed tolled freeway that is planned to eventually link Interstate 68 near Morgantown, West Virginia with Interstate 376 near Monroeville, Pennsylvania. The ultimate goal of the highway is to provide a high speed north–south connection between Morgantown and the eastern side of Pittsburgh while revitalizing economically distressed Monongahela River Valley towns in Fayette and Washington counties, serving as an alternative to Interstate 79 to the west, as well as relieving the PA 51 alignment from Pittsburgh to Uniontown.

<span class="mw-page-title-main">Mortimer Caplin</span> IRS Commissioner and tax attorney (1916–2019)

Mortimer Maxwell Caplin was an American lawyer and educator, and the founding member of Caplin & Drysdale, Chartered.

The Hampton Roads Transportation Accountability Commission (HRTAC) is a political subdivision of the Commonwealth of Virginia in the United States that has the responsibility for funding several major traffic projects in the Hampton Roads area. It was created by the Virginia General Assembly in 2014 to maintain and administer the Hampton Roads Transportation Fund, a trust fund established by the Virginia General Assembly through a 0.7% increase in the state sales and use tax and a 2.1% increase in the fuel tax region-wide. The organization previously existed as the Hampton Roads Transportation Authority (HRTA) but was disbanded in 2008 after the Virginia Supreme Court invalidated its authority to raise and levy taxes.

<span class="mw-page-title-main">Jeff Kessler</span> American politician

Jeffrey Vincent Kessler is an American politician and former Democratic member of the West Virginia Senate in the United States, representing the 2nd district from 1997 to 2017. He is the former Minority Leader of the Senate.

<span class="mw-page-title-main">Potomac Yard station</span> Future Washington Metro station

Potomac Yard station is a Washington Metro station under construction in Alexandria, Virginia, United States. The station will be operated by the Washington Metropolitan Area Transit Authority (WMATA), serving both the Blue and Yellow Lines, and is expected to open in early 2023. The station will be located at Alexandria's planned 7.5-million-square-foot (700,000 m2) Potomac Yard mixed-use development bounded by Richmond Highway and the George Washington Memorial Parkway. Upon its completion, Potomac Yard will be the second infill station to be added to the Washington Metro system, after NoMa–Gallaudet U in 2004. Potomac Yard station is being constructed on the site of Potomac Yard, a former railroad freight yard.

Raymond J. Lane is an American business executive and strategist specializing in technology and finance. Lane is best known for assisting corporations with technology strategy, organizational development, team building, and sales and growth management.

References

  1. "Future Fund signed into law". 20 March 2014.