HB4343 SUB1 S FIN AM #1

Baute 7949

    The Committee on Finance moved to amend the bill on page thirty-seven, section four, line thirteen, by striking out the word “two” and inserting in lieu thereof the word “three”;

    On page thirty-nine, section four, lines forty-six through fifty-one, by striking out all of subsection (g) and inserting in lieu thereof a new subsection, designated subsection (g), to read as follows:

    (g) Duration of launchpad designation. -- The designation of a geographic area as a West Virginia project launchpad for economic development is for a period not to exceed eight years, beginning January 1, 2015 and ending December 31, 2022, unless the launchpad is sooner decertified as provided in this article, or the ending date is extended by the Legislature.;

    On page forty, section five, line one, by striking out “January 1, 2015” and inserting in lieu thereof “December 30, 2014”;

    On page fifty-six, section ten, line sixty-three, by striking out “2025” and inserting in lieu thereof “2019”;

    On page sixty-five, section seventeen, lines five through seven, by striking out all of subdivision (1);

    On page sixty-six, section seventeen, line eight, by striking out "(2)" and inserting in lieu thereof "(1)";

    On page sixty-six, section seventeen, lines twenty-four through seventy, by striking out all of subdivision (3) and inserting in lieu thereof a new subdivision, designated subdivision (2), to read as follows:

    (2) All of the following:

    (A) Net gains or income, less net losses, derived by a resident or nonresident of a West Virginia project launchpad for economic development from the sale, exchange or other disposition of real or tangible personal property located in a West Virginia project launchpad for economic development as determined in accordance with generally accepted accounting principles and practices. The exemption provided in this paragraph (A) shall not apply to the sale, exchange or other disposition of any stock of goods, merchandise or inventory, or any operational assets unless the transfer is in connection with the sale, exchange or other disposition of all of the assets in complete liquidation of a qualified business located in a West Virginia project launchpad for economic development. This paragraph (A) shall also apply to intangible personal property employed in a trade, profession or business that is a qualified business in a West Virginia project launchpad for economic development, but only when transferred in connection with a sale, exchange or other disposition of all of the assets in complete liquidation of the qualified business located in the West Virginia project launchpad for economic development.

    (B) The exemption from income for gain or loss provided in subparagraphs (i) and (ii) of this paragraph (B) shall be prorated based on the following:

    (i) In the case of gains, less net losses, in this subparagraph (i), the percentage of time, based on calendar days, the property located in a West Virginia project launchpad for economic development was held by a resident or nonresident of the West Virginia project launchpad for economic development during the time period the West Virginia project launchpad for economic development was in effect in relation to the total time the property was held; and

    (ii) In the case of gains, less net losses, in this subparagraph (ii), the percentage of time, based on calendar days, the property was held by the business while a resident of a West Virginia project launchpad for economic development in relation to the total time the property was held by the person or business.;

    On page sixty-nine, section seventeen, line seventy-one, by striking out "(4)" and inserting in lieu thereof "(3)";

    On page seventy, section seventeen, lines ninety-one through ninety-six, by striking out all of subdivisions (5) and (6);

    And by renumbering the remaining subdivision;

    On page seventy-one, section seventeen, line one hundred sixteen, by striking out “(2), (3) and (4)” and inserting in lieu thereof “(1), (2) and (3)”;

    On page eighty-nine, section twenty-four, by striking out the section caption and substituting therefor a new section caption, to read as follows:

§5B-2I-24. Local business and occupation taxes and net profits taxes.;

    On pages eighty-nine and ninety, section twenty-four, lines one through twenty-five, by striking out all of subsection (a) and inserting in lieu thereof a new subsection, designated subsection (a), to read as follows:

    (a) General exemption. -- A municipal corporation or county commission or county council that has enacted any tax on the privilege of engaging in any business activity, profession or occupation, measured by gross receipts or net profits, may impose that tax on persons or qualified businesses located within the boundaries of an authorized West Virginia project launchpad for economic development. The municipal corporation or county commission or county council shall exempt from the imposition or operation of the local tax ordinances, statutes, regulations or otherwise:

    (1) The business gross receipts for operations conducted by a qualified business within an authorized West Virginia project launchpad for economic development; and

    (2) The net profits of a qualified business attributable to business activity conducted within an authorized West Virginia project launchpad for economic development when imposed by the qualified political subdivision where that qualified business is located.

    No exemption may be granted for operations conducted, for earned income received or for activities conducted prior to designation of the real property as part of an authorized West Virginia project launchpad for economic development.;

    On page ninety-one, section twenty-four, line thirty-three, by striking out all of subdivision (2);

    And by renumbering the remaining subdivision;

    On page ninety-eight, section thirty-one, line six, by striking out “2019, 2023, 2027 and 2031” and inserting in lieu thereof “2019 and 2023”;

    On page one hundred, section thirty-six, line one, by striking out “(a)”;

    On pages one hundred one and one hundred two, section thirty-six, lines twenty-two through twenty-eight, by striking out all of subsection (b);

    On page one hundred three, section forty-one, line two, by striking out “2030” and inserting in lieu thereof “2022”;

    On page one hundred four, section three, lines two and three, by striking out the words “and improvements to real property”;

    On page one hundred five, section four, lines two and three, by striking out the words “and improvements to real property”;

    On page one hundred five, section four, line ten, by striking out the words “and improvements to real property”;

    On page one hundred six, section four, lines twenty and twenty-one, by striking out the words “and improvements to real property”;

    On page one hundred six, section four, line twenty-seven, by striking out the words “and improvements to real property”;

    On page one hundred nine, section two, line four, by striking out the words “this state” and inserting in lieu thereof the words “a launchpad established in article two-i, chapter five-b of this code”;

    On page one hundred twelve, section five, lines one through four, by striking out all of subsection (a) and inserting in lieu thereof a new subsection, designated subsection (a), to read as follows:

    (a) Requirement. -- A qualified company that enters into an agreement must create at least five new jobs in a launchpad established pursuant to article two-i, chapter five-b of this code, within two years of entering into the agreement under section eight of this article.;

    On pages one hundred thirteen and one hundred fourteen, section five, lines twenty-two through twenty-six, by striking out all of subsection (c) and inserting in lieu thereof a new subsection, designated subsection (c), to read as follows:

    (c) When the qualified company certifies that it has a student loan payment assistance program that provides student loan assistance benefits to its West Virginia employees, then the words “ninety-five percent” shall be substituted for “seventy-five percent” in subsection (b) of this section.;

    And,

    On page one hundred fourteen, section five, line thirty-six, after the word “article” by inserting the words “and that the amount of taxes withheld will still be allowed as a credit when the employee files his or her West Virginia income tax return”.

Adopted

Rejected