Introduced Version
House Bill 2174 History
| Email
Key: Green = existing Code. Red = new code to be enacted
H. B. 2174
(By Delegates Skaff, Ferns, Reynolds,
Pasdon, Andes and Poore)
[Introduced February 13, 2013; referred to the
Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §11-13CC-1,
§11-13CC-2, §11-13CC-3, §11-13CC-4, §11-13CC-5 and §11-13CC-6,
all relating to providing a tax credit for persons who
graduate with a bachelor's or graduate degree in the area of
science, technology, engineering, mathematics, nursing or
teaching from any regionally accredited in-state or
out-of-state higher education institution or any regionally
accredited in-state community and technical college and who
thereafter continue to reside in this state.
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 article, designated §11-13CC-1, §11-13CC-2,
§11-13CC-3, §11-13CC-4, §11-13CC-5 and §11-13CC-6, all to read as
follows:
ARTICLE 13CC. WEST VIRGINIA RESIDENTIAL INCENTIVE TAX CREDIT ACT.
§11-13CC-1. Short title.
_____This article may be cited as the "West Virginia Residential
Incentive Tax Credit Act".
§11-13CC-2. Legislative findings and purpose.
_____The Legislature finds that it is in the public interest and
promotes the general welfare of the people of this state to
encourage graduates of post-secondary educational institutions to
reside in West Virginia upon graduation.
§11-13CC-3. Definitions.
_____For purposes of this article, the term "eligible taxpayer"
means a person who graduates with an associate's degree, a
bachelor's degree or a graduate degree in the area of science,
technology, engineering, mathematics, nursing or teaching from any
regionally accredited in-state or out-of-state higher education
institution or any regionally accredited in-state community and
technical college on or after January 1, 2014 and before January 1,
2019, and who thereafter continuously resides in this state from
the date of graduation through the next subsequent year.
§11-13CC-4. Amount of credit allowed; application for refund.
_____(a) Credit allowed -- For tax years beginning after
December 31, 2013, there is allowed to eligible taxpayers a credit
against the taxes imposed by article twenty-one of this chapter.
The amount of credit shall be determined as provided in this section.
_____(b) Amount of credit allowable. -- The amount of allowable
credit under this article is equal to the amount or portion thereof
of the paid and otherwise unrefundable taxes imposed by article
twenty-one of this chapter upon the eligible taxpayer for the
taxable year in which the eligible taxpayer graduated and the next
subsequent year, not to exceed $1,500 per year. In no event may a
person receive more than $3,000 total for any tax credit authorized
under this article.
_____(c) Application for refundable tax credit. Any tax credits
accrued under this article for the taxable year of graduation
(first year)
and for the next subsequent year (second year)
shall
be applied in the following taxable year (third year)
as follows:
_____(1) In the third year, the eligible taxpayer shall apply for
a refund of the allowable tax credits on a form prescribed by the
Tax Commissioner. Any amount of the allowable tax credits for
which an application for refund is not filed on or before April 30
of the third year is forfeited.
_____(2) The Tax Commissioner may prescribe the forms and schedules
as necessary or appropriate for effective, efficient and lawful
administration of this article.
_____(3) The Tax Commissioner may obtain any information as
determined by the Tax Commissioner to be useful and necessary for
the effective oversight and administration of the credit authorized pursuant to this article from the governing board of any
educational institution from which the eligible taxpayer claims to
have graduated.
_____(4) No tax credit may be refunded or otherwise paid for any
taxes imposed by article twenty-one of this chapter after December
31, 2019.
§11-13CC-5. Tax credit review and accountability.
_____(a) Beginning on August 1, 2016, and August 1 of every year
thereafter, the Tax Commissioner shall submit to the Governor, the
President of the Senate and the Speaker of the House of Delegates
a tax credit review and accountability report evaluating the cost
of the credit allowed under this article during the most recent
period for which information is available. The criteria to be
evaluated includes, but is not limited to, for each year:
_____(1) The numbers of taxpayers claiming the credit; and
_____(2) The cost of the credit.
_____(b) Taxpayers claiming the credit shall provide whatever
information the Tax Commissioner requires to prepare the report:
Provided, That the information is subject to the confidentiality
and disclosure provisions of sections five-d and five-s, article
ten of this chapter. If, in any reporting period under this
section, fewer than ten eligible taxpayers have taken or applied
for the credit authorized under this article, then no report shall
be filed for that reporting period under this section.
§11-13CC-6. Rules.
_____The Tax Commissioner may propose rules for legislative
approval in accordance with article three, chapter twenty-nine-a of
this code to carry out the policy and purposes of this article, to
provide any necessary clarification of the provisions of this
article and to efficiently provide for the general administration
of this article.
NOTE: The purpose of this bill is
to provide a tax credit for
persons who graduate with a bachelor's or graduate degree in the
area of science, technology, engineering, mathematics, nursing or
teaching from any regionally accredited in-state or out-of-state
higher education institution or any regionally accredited in-state
community and technical college and who thereafter continue to
reside in this state.
This article is new; therefore, it has been completely
underscored.