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Introduced Version House Bill 2551 History

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


H. B. 2551


(By Mr. Speaker, Mr. Kiss (By Request),

and Delegates Varner and Keener)


[Introduced February 26, 2001 ; referred to the

Committee on Finance.]




A BILL to amend and reenact section eight-e, article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended; and to amend article twenty-four of said chapter by adding thereto a new section, designated section twenty-three-g, all relating to the application of tax credits for qualified rehabilitation buildings investment; and allowing for the distribution of the credits to owners of the entities earning the credits.

Be it enacted by the Legislature of West Virginia:

That section eight-e, article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted; and that article twenty-four of said chapter be amended by adding thereto a new section, designated section twenty-three-g, all to read as follows:

PART I. GENERAL.

ARTICLE 21. PERSONAL INCOME TAX.
§11-21-8e. Carryback, carryforward; application of credits.

(a) Any unused portion of the credit for qualified rehabilitated buildings investment authorized by section eight-a of this article which may not be taken in the taxable year to which the credit applies shall qualify qualifies for carryback and carryforward treatment subject to the identical general provisions under §39, Title 26 of the United States Code, as amended. Provided, That However, the amount of such the credit taken in a taxable year shall in no event may not exceed the tax liability due for the taxable year.
(b) Effective for taxable years beginning on and after the first day of January, two thousand one, credits granted to an electing small business corporation (S corporation), limited partnership, general partnership, limited liability company or multiple owners of property shall be passed through to the shareholders, partners, members or owners, either pro rata or pursuant to an executed agreement among the shareholders, partners, members or owners documenting an alternative distribution method. Taxpayers eligible for the credits may transfer, sell or assign the credits.
ARTICLE 24. CORPORATION NET INCOME TAX.

§11-24-23g. Application of credits.

Effective for taxable years beginning on and after the first day of January, two thousand one, the credits granted, pursuant to section twenty-three-a of this article, to an electing small business corporation (S corporation), limited partnership, general partnership, limited liability company or multiple owners of property shall be passed through to the shareholders, partners, members or owners, either pro rata or pursuant to an executed agreement among the shareholders, partners, members or owners documenting an alternative distribution method. Taxpayers eligible for the credits may transfer, sell or assign the credits.




NOTE: The purpose of this bill is to allow the tax credits for qualified rehabilitation buildings investment to be passed through to the shareholders, partners, members or owners of the entity making the investment.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.

§11-24-23g is new; therefore, strike-throughs and underscoring have been omitted.
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