H. B. 4639
(By Mr. Speaker, (Mr. Kiss), (By Request))
[Introduced February 20, 2006; 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 §11-24-12a, relating
to providing a tax credit for company land donated to the
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 section, designated §11-24-12a, to read as
follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-12a. Credit for real property donation to state.
(a) A credit, equal to the certified appraised fair market
value of any real property donated by the taxpayer to and accepted
by the state,
is allowed against either the primary tax liability
imposed by this article or against the payment of workers'
compensation premium taxes imposed pursuant to section five, article two, chapter twenty-three of the code.
(b) The tax division is to conduct and certify the appraisal
of real property donated to the state pursuant to this section. The
State Tax Commissioner shall provide by appropriate rule, subject
to legislative approval, for the reporting, filing and application
of credits.
NOTE: The purpose of this bill is to provide for a tax credit
against the appraised fair market value of any real property
donated by a company to, and accepted by, the state.
§11-24-12aType information is new; therefore, strike-throughs and underscoring
have been omitted.
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