H. B. 4688
(By Delegates J. Miller, Sobonya, Blair,
Andes and C. Miller)
[Introduced February 18, 2008; 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 §11-24-9d, 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 shall be allowed under the provisions of this
section against the primary tax imposed by this article to eligible
taxpayers who contribute to scholarship funds beginning after the
thirty-first day of December, two thousand eight: Provided, That the amount of this credit may not reduce by more than fifty percent
of the net tax liability of the taxpayer 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.