HB2828 S FIN AMT #2 3-4

Nichols 7949

 

The Committee on Finance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. House Bill 2828A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section designated 11-21-12j; and to amend said code by adding thereto a new section, designated 11-24-6b; and to amend said code by adding thereto a new article, designated 31-15D-1, 31-15D-2, 31-15D-3, 31-15D-4, 31-15D-5, 31-15D-6, and 31-15D-7; and to amend said code by adding thereto a new section, designated 33-3-14e; all relating to promoting investment and business growth in low-income communities in West Virginia; providing title; defining terms; providing for transferability; certification of qualified equity investment; providing for recapture of tax credits; requiring notice of noncompliance; letter rulings; new capital requirement; reporting; providing penalty for job creation underperformance; establishing amount of credit allowed; providing mechanism to exempt corporate net income tax and personal income tax for new businesses in Qualified Opportunity Zones located in West Virginia; providing effective date; authorizing rulemaking in Commissioner.