McKown said SB334 is the first of several bills the administration will sponsor to come up with about $48.3 million to close the state budget gap. Others would:
-- Terminate the Strategic Research and Development Tax Credit retroactively to Jan. 1.
Eliminating the tax credit equal to 3 percent of a company's R&D expenditures is projected to save $1 million in the current budget, and up to $4 million a year thereafter.
The credit was created in 2002, as part of several initiatives by then-Gov. Bob Wise to spur economic development in the state.
Endorsing the tax credit in his 2002 State of the State address, Wise said, "We have never had a serious effort in West Virginia to encourage research and development. This, too, must change."
-- Continue a suspension of General Revenue fund transfers to the state Public Port Authority for two more years, providing $4.3 million a year.
-- Move up the due date for bimonthly remittances of sales tax collections for larger businesses and retailers, so that payments that normally would be due in July will come in at the end of the 2014-15 budget year, in June.
That one-time shift would bolster fiscal 2014-15 tax collections by about $30 million, according to the state Budget Office.
Tomblin officials are also planning to transfer $12 million from the Abandoned and Unclaimed Property Fund to general revenue. That transfer does not require legislative action.
Reach Phil Kabler at ph...@wvgazette.com or 304-348-1220.