H. B. 4657
(By Delegate Doyle)
[Introduced February 18, 2008; referred to the
Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-23-17b, relating
to establishing a business franchise tax credit to home
builders who sell more than ten homes for less than two
hundred, fifty thousand dollars that are greater than one
thousand, two square feet, provided those homes are sold to
public school teachers who are in the state's five counties
that have the highest percentage of teachers who are less than
"highly qualified."
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §11-23-17b, to read as
follows:
ARTICLE 23. BUSINESS FRANCHISE TAX.
§11-23-17b. Credits against tax for certain home builders.
A credit shall be allowed against the tax imposed by this
article equal to the amount of franchise tax liability due under
this article, for the taxable year (determined before application
of other allowable credits) multiplied by ten per cent for home
builders who
sell ten or more single family dwellings in that
taxable year that are at least one thousand, two hundred square
feet in size and sell for less than two hundred, fifty thousand
dollars: Provided, That those homes are sold to public school
teachers in the state's five counties that have the highest
percentage of public school teachers who are less than "highly
qualified" as that term is used in the No Child Left Behind Act, 20
U.S.C. §6301-§7916.
NOTE: This bill gives a ten per cent franchise tax credit to
those home builders who sell more than ten homes for less than two
hundred, fifty thousand dollars that are greater than one thousand,
two square feet, provided those homes are sold to public school
teachers who are in the state's five counties that have the highest
percentage of teachers who are less than "highly qualified."
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.