H. B. 2430
(By Delegate Nesbitt)
[Introduced February 9, 1995; referred to the
Committee on Finance.]
A BILL to amend article thirteen, chapter eleven of the code of
West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
two-o, relating to limiting the amount of business and
occupation tax paid by companies in the business of
generating electricity.
Be it enacted by the Legislature of West Virginia:
That section two-o, article thirteen, chapter eleven of the
code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended by adding thereto a new section, designated
section two-o, to read as follows:
ARTICLE 13. BUSINESS AND OCCUPATION TAX.
§11-13-2o. Tax limit for companies in the business of generating
electricity.
Notwithstanding any other provision to the contrary, the business and occupation tax paid by companies in the business of
generating electricity shall be limited to the highest annual tax
paid during the previous five years. New companies in the
business of generating electricity shall be subject to the
current tax laws for the first five calendar years of operation,
and then shall pay taxes subject to the above limit. This
section is to become effective the first day of July, one
thousand nine hundred ninety-five,
and
is to terminate ten years
from this date unless renewed by the Legislature.
NOTE: The purpose of this bill is to limit the amount of
business and occupation tax liability for companies that are in
the business of generating electricity to the highest annual tax
liability the company has had in the past five years.
Section two-o, article thirteen, chapter eleven is new;
therefore, strike-throughs and underscoring have been omitted.