Senate Bill No. 127
(By Senators Oliverio and Unger)
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[Introduced January 13, 2010; referred to the Committee on
Economic Development; and then to the Committee on Finance.]
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A BILL to amend and reenact §11-13U-10 of the Code of West
Virginia, 1931, as amended, relating to reinstating the
high-growth business investment tax credit.
Be it enacted by the Legislature of West Virginia:
That §11-13U-10 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 13U. HIGH-GROWTH BUSINESS INVESTMENT TAX CREDIT.
§11-13U-10. Effective date; expiration of credit; reinstatement
and expiration of credit.
(a) The provisions of this article become effective on July 1,
2005, and apply only to qualified investment made on or after that
date:
Provided, That no entitlement to the tax credit shall result
from any qualified investment made after June 13, 2008:
Provided,
however, That unless sooner terminated by law, the High-Growth
Business Investment Tax Credit Act will terminate on July 1, 2008. Taxpayers who have gained entitlement to the tax credit pursuant to
qualified investment prior to the earlier of July 1, 2008, or
termination of the tax credit prior to that date shall retain that
entitlement and apply the credit in due course pursuant to the
requirements and limitations of this article.
(b) The provisions of this article are reinstated and become
effective on July 1, 2010, and apply only to qualified investment
made on or after that date: Provided, That no entitlement to the
tax credit shall result from any qualified investment made after
June 13, 2013: Provided, however, That unless sooner terminated by
law, the High-Growth Business Investment Tax Credit Act will
terminate on July 1, 2013. Taxpayers who have gained entitlement
to the tax credit pursuant to qualified investment prior to July 1,
2013, or termination of the tax credit prior to that date shall
retain that entitlement and apply the credit in due course pursuant
to the requirements and limitations of this article.
NOTE: The purpose of this bill is to reinstate the high-growth
business investment tax credit which expired on July 1, 2008.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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