Future Fund Bill Advances to House
The West Virginia Senate unanimously passed a bill to conserve and invest a portion of oil and gas revenues to use for future infrastructure and economic development. The Future Fund Bill sets aside 25 percent of the severance tax revenues collected from private oil and gas companies above a $175 million benchmark. The fund would collect interest for six years before being used for economic development projects, building infrastructure and increasing teacher salaries. The bill is headed to the House for a vote.