ENROLLED
Senate Bill No. 174
(By Senator Tomblin, Mr. President, By Request)
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[Passed April 14, 2001; to take effect July 1, 2001.]
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AN ACT 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.
(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 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 the
amount of the credit taken in a taxable year shall in no event
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 agreement among the shareholders, partners, members
or owners documenting an alternative distribution method. The tax
commissioner shall promulgate procedural rules in accordance with
article three, chapter twenty-nine-a of this code that provide the method of reporting the alternative method of distribution
authorized by this section.
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 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.
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