H. B. 2622
(By Delegate Louisos)
[Introduced February 22, 1995; referred to the
Committee on Finance.]
A BILL to amend article thirteen-c, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
four-c, relating to business and jobs expansion credit; and
providing an additional credit against tax.
Be it enacted by the Legislature of West Virginia:
That article thirteen-c, 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
four-c to read as follows:
ARTICLE 13C. BUSINESS INVESTMENT AND JOBS EXPANSION CREDIT.
§11-13C-4c. Additional credit against tax.
Notwithstanding any other provision of this code to the
contrary, any business other than a mining operation, whether
surface or underground mine, which has invested at least one
million dollars in its business in West Virginia shall be allowed
a credit against tax equal to one hundred dollars for each new
employee and each new job created: Provided, That each new
employee must be employed for at least one year and each new job
must continue for at least one year before the tax credit is
allowed. The credit shall be allowed for a period of five years,
or for as long as the new employee is employed or the new job
continues after the first year. The tax credit may be applied to
any tax incurred by the business.
NOTE: The purpose of this bill is to provide a credit
against tax for businesses, other than mining, which have a
minimum investment of one million dollars in the state and have
new employees or create new jobs, which positions are filled for
at least one year. The credit is equal to one hundred dollars a
year for each new employee or job for a period of five years.
§11-13c-4c is new; therefore, strike-throughs and
underscoring have been omitted.