WV Advances Bill to End Severance Tax Investment Fund

In March 2014, the West Virginia legislature passed, and then-Gov. Earl Ray Tomblin (Democrat) signed, the Future Fund bill, which was designed to set aside 3% of revenue raised from WV’s oil and gas severance tax in a rainy day fund (see Back to the Future (Fund) – WV Gov. Tomblin Signs New Law). Do you know how much money that fund has collected from that day to this? NOTHING. Zero. Nada. So the 2023 session of the WV legislature is rapidly moving along a new bill to dismantle and kill the moribund Future Fund.

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