HB113 HFA Doyle, Walker, S Brown and Evans 3-17
Delegates Doyle, Walker and S Brown move to amend the bill on page 2, section 12k, line 19, by striking out the period, inserting a colon, and the following proviso:
Provided, That 60% of the tax credit received by any opportunity zone businesses pursuant to this section must be awarded to minority-owned, veteran-owned or woman owed businesses. The Tax Commissioner shall promulgate legislative rules establishing criteria for minority-owned and woman owned businesses, as defined in §5A-3-59, and veteran owned businesses, as defined in §5A-11-9a of this code, for each to receive at a minimum, 20% of the total tax credit awarded. The rules shall include application procedures to apply for the tax credit, verify the availability of the tax credit and amounts available to other businesses which may qualify for the tax credit.;
On page 4, section 6b, line 11, by striking out the period, inserting a colon, and the following proviso:
Provided, That availability of this tax credit to corporations is conditioned on at least 60% of the total tax credit made available in any opportunity zone pursuant to this section being awarded to minority-owned, veteran-owned or woman owed businesses, as provided in §11-21-12k of this code.;
To amend the title of the bill, by striking out the title and inserting in lieu thereof, the following:
A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12k; and to further amend said code by adding thereto a new section, designated §11-24-6b, all relating generally to establishing tax incentive for new business activity in qualified opportunity zones; establishing eligibility requirements; defining terms; specifying duration of tax benefit; conditioning eligibility of tax credit to provide for percent of the benefit of credit going to minority, women, and veteran businesses; providing rulemaking authority; providing for termination of program; and specifying effective dates.