ENROLLED
Senate Bill No. 549
(By Senators Ross, Sharpe, Anderson and McCabe)
____________
[Passed April 13, 2001; in effect from passage.]
____________
AN ACT to amend and reenact section seven, article thirteen-d,
chapter eleven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended, relating to authorizing the
tax commissioner to waive the requirement that prior approval
be given by the tax commissioner for a transfer or sale of
property with respect to which a tax credit has been allowed
under said article so the transfer or sale will not be treated
as a premature disposition of the property under the
provisions of section six of said article.
Be it enacted by the Legislature of West Virginia:
That section seven, article thirteen-d, chapter eleven of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted to read as follows:
ARTICLE 13D. TAX CREDITS FOR INDUSTRIAL EXPANSION AND
REVITALIZATION, RESEARCH AND DEVELOPMENT PROJECTS, CERTAIN
HOUSING DEVELOPMENT PROJECTS, MANAGEMENT INFORMATION SERVICES
FACILITIES, INDUSTRIAL FACILITIES PRODUCING COAL-BASED LIQUIDS
USED TO PRODUCE SYNTHETIC FUELS, AND AEROSPACE INDUSTRIAL
FACILITY INVESTMENTS.
§11-13D-7. Transfer of eligible investment to successors.
(a)
Mere change in form of business. -- Property may not be
treated as disposed of under section six of this article by reason
of a mere change in the form of conducting the business as long as
the property is retained in a similar industrial business or
management information services business activity in this state and
the taxpayer retains a controlling interest in the successor
business. In this event, the successor business may claim the
amount of credit still available with respect to the industrial
facility or facilities transferred or to the eligible research and
development project or management information services facility and
the taxpayer (transferor) may not be required to redetermine the
amount of credit allowed in earlier years.
(b)
Transfer or sale to successor. -- Provided that the tax
commissioner gives prior approval for a transfer or sale, property
may not be treated as disposed of under section six by reason of any transfer or sale to a successor business which continues to
operate the industrial facility or management information services
facility in this state. This requirement for prior approval may be
waived by the tax commissioner at any time prior to, or subsequent
to, the transfer or sale. Upon transfer or sale, the successor
shall acquire the amount of credit that remains available under
this article for each taxable year subsequent to the taxable year
of the transferor during which the transfer occurred and, for the
year of transfer, an amount of annual credit for the year in the
same proportion as the number of days remaining in the transferor's
taxable year bears to the total number of days in the taxable year
and the taxpayer (transferor) shall not be required to redetermine
the amount of credit allowed in earlier years. In determining
whether or not to approve a disposition pursuant to this
subsection, the tax commissioner shall take into account the
legislative findings and purpose contained in section one of this
article in making the decision.
Email
Webmaster | © 2024 West Virginia Legislature **
