SENATE
HOUSE
JOINT
BILL STATUS
STATE LAW
REPORTS
EDUCATIONAL
CONTACT
home
home
Introduced Version Senate Bill 59 History

   |  Email
Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 59

(By Senators Ross, Fanning, Sharpe, Minard, Redd,

Minear, Hunter, Love, Helmick and Mitchell)


____________

[Introduced January 9, 2002; referred to the Committee

on Small Business; and then to the Committee Finance.]

____________



A BILL to amend chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new article, designated article thirteen-p, relating to taxation; and providing a small business tax credit equal to any guaranty fee paid to the small business administration to obtain small business administration financing.

Be it enacted by the Legislature of West Virginia:
That chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new article, designated article thirteen-p, to read as follows:
ARTICLE 13P. SMALL BUSINESS TAX CREDIT.
§11-13P-1. Short title.

This article may be cited as the "West Virginia Small Business Tax Credit Act."
§11-13P-2. Small business tax credit.

(a) For the purposes of this article, a small business is any corporation, partnership, sole proprietorship or other business entity which has an annual payroll of one million five thousand dollars or less, or annual gross sales of not more than five million dollars. The tax commissioner may adjust these amounts based on the cost-of-living index for that calendar year beginning on the first day of January, two thousand three, and each subsequent January.
(b) Each small business formed under the laws of the state of West Virginia and operating within the state is entitled to claim as a credit against the tax imposed by articles twenty- one, twenty-three and twenty-four of this chapter any amount paid to the United States small business administration as a guaranty fee that results from obtaining small business administration guaranteed financing.
(c) The credit may be used by the small business one time within three years from the date that the fee is incurred. The credit may not reduce the tax below any minimum tax prescribed under the specified articles. The credit may be claimed only by the small business that is the primary obligor in the financing transaction and that actually paid the guaranty fee.
§11-13P-3. Tax commissioner to propose legislative rules; effective date.

(a) The tax commissioner shall propose rules for legislative approval prescribing the method and documentation to be used to claim the credit in accordance with the provisions of article three, chapter twenty-nine of the code. The commissioner may initially promulgate emergency rules in order to facilitate the implementation of the provisions of this article.
(b) The credit allowed by this section applies to tax years beginning after the thirty-first day of December, two thousand two.



NOTE: The purpose of this bill is to give small businesses a tax credit equal to any guaranty fee paid to the Small Business Administration in order to obtain SBA financing.

This article is new; therefore, strike-throughs and underscoring have been omitted.
This Web site is maintained by the West Virginia Legislature's Office of Reference & Information.  |  Terms of Use  |   Email WebmasterWebmaster   |   © 2024 West Virginia Legislature **


X

Print On Demand

Name:
Email:
Phone:

Print