H. B. 2582
(By Delegates J. Miller, Sobonya, Blair,
Andes, C. Miller)
[Introduced January 13, 2010; referred to the
Committee on Education then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-24-9d, relating
to establishing a corporate tax credit up to fifty percent of
the corporation's net income tax for contributions to
scholarship funds.
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 §11-24-9d, to read as
follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-9d. Scholarship Fund Credit.
(a) A credit is allowed against the net tax liability imposed
by this article to eligible taxpayers who contribute to scholarship
funds beginning after December 31, 2009. The amount of the
scholarship fund credit may not exceed fifty percent of the net tax liability of the taxpayer imposed by this article for the taxable
year.
NOTE: The purpose of this bill is to provide a tax credit to
corporations of up to fifty percent of their primary tax liability
for contributing to scholarship funds.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.