H. B. 4005
(By Delegates Caputo, Longstreth and Manchin)
[Introduced January 9, 2008; referred to the
Committee on Finance.]
A BILL to amend and reenact §11-6D-7 of the Code of West Virginia,
1931, as amended, relating to extending the alternative-fuel
motor vehicles tax credit for ten years and making the credit
retroactive from the expiration date of the initial credit.
Be it enacted by the Legislature of West Virginia:
That §11-6D-7 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 6D. ALTERNATIVE-FUEL MOTOR VEHICLES TAX CREDIT.
§11-6D-7. Duration of availability of credit.
The tax credit provided in this article shall expire by
operation of law ten twenty years after the initial effective date
of this article: Provided, That any eligible taxpayer who makes a
valid claim for the credit before that expiration is entitled to
claim and receive the remaining one-third increment or increments
of the total credit allowed under section five of this article for
the tax year or years ensuing after the expiration of this article
until the total amount of credit allowed has been exhausted: Provided, however, That the amendments to this section enacted in
the year two thousand eight are retroactive to the expiration date
of the tax credit in the year two thousand six.
NOTE: The purpose of this bill is to extend the
alternative-fuel motor vehicles tax credit for 10 years and to make
the credit retroactive from the expiration date of the initial
credit.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.