WEST virginia legislature
2020 regular session
Introduced
House Bill 4775
By Delegates Rowe and Pyles
[Introduced February 10, 2020; Referred to the Committee on Finance]
A BILL to amend and reenact §11-13X-13 of the Code of West Virginia, 1931, as amended, relating to reinstating the film industry investment tax credit.
Be it enacted by the Legislature of West Virginia:
ARTICLE 13X. WEST VIRGINIA FILM INDUSTRY INVESTMENT ACT.
§11-13X-13. Effective
date elimination of film tax credits, preservation of film tax credits
earned prior to the sunset date; cessation of the West Virginia Film Office.
(a) The credit allowed
by this article shall be allowed upon eligible expenditures occurring after
December 31, 2007.
(b) The amendments to
this article enacted in the year 2009 shall apply to all taxable years
beginning after December 31, 2007, and shall apply with retroactive effect with
relation to taxable years beginning prior to the date of passage of such
amendments.
(c) No tax credits
authorized under this article shall be issued following the effective date of
legislation establishing this subsection, §11-13X-13(d), and §11-13X-13(e) of
this code in the year 2018. Notwithstanding any provision of this article to
the contrary, no entitlement to any tax credit under this article may result
from, and no credit is available to any person for, expenditures incurred
following the effective date of this subsection.
(d) Notwithstanding the
provisions of §11-13X-13(c) of this code, film tax credits to which a taxpayer
has gained lawful entitlement prior to the effective date of this subsection,
may continue to be applied against tax liabilities, subject to the conditions,
limitations, and constraints applicable to such credit under this article,
until exhausted or otherwise terminated in accordance with the terms of this
article and this code. Film tax credits to which a taxpayer has gained lawful
entitlement prior to the effective date of this subsection may be transferred
in accordance with §11-13X-8 of this code, subject to the conditions,
limitations, and constraints applicable to such credit under this article,
until exhausted or otherwise terminated in accordance with the terms of this
article and this code.
(e) Effective July 1,
2018, all operations of the West Virginia Film Office shall cease. To the
extent necessary to settle, finalize, and conclude business relating to
outstanding film tax credits issued prior to the effective date of the bill,
the Division of Tourism is hereby authorized to administer such duties for that
limited purpose
(a) The credit allowed by this article shall be allowed for eligible expenses incurred after December 31, 2019.
(b) The amendments to this article enacted in the year 2020 shall apply to all taxable years beginning after December 31, 2019, and shall apply with retroactive effect with relation to taxable years beginning prior to the date of passage of such amendments.
NOTE: The purpose of this bill is to reinstate the film tax credits removed by the Legislature in 2018.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.