CHARLESTON, W.Va. (AP) — The West Virginia Senate has 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 passed Friday sets aside 25 percent of the severance tax revenues collected from private oil and gas companies above a $175 million benchmark. This benchmark projects funds needed to sustain government operations.
The fund would collect interest for six years before being used for economic development projects, building infrastructure and increasing teacher salaries.
Senate President Jeff Kessler said he was pleased the bill passed the Senate without any resistance or rejection. He said he hopes to see the state cash in on a growing oil and gas industry and to reserve some of its excess for future prosperity.