Senate Bill No. 609
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Introduced March 21, 2005; referred to the Committee
on Finance.]
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A BILL to amend and reenact §11-13J-12 of the Code of West
Virginia, 1931, as amended, relating to the Neighborhood
Investment Program Act; requiring a biannual independent
review of the Neighborhood Investment Program; and extending
the termination date of the Act.
Be it enacted by the Legislature of West Virginia:
That §11-13J-12 of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 13J. NEIGHBORHOOD INVESTMENT PROGRAM.
§11-13J-12. Program evaluation; expiration of credit;
preservation of entitlement.
Annually Biannually, on or before the fifteenth day of July,
and on or before the fifteenth day of December, the Director shall
secure an independent review of the neighborhood investment program
created by this article and present the findings to the Joint Committee on Government and Finance. Unless sooner terminated by
law, the Neighborhood Investment Program Act shall terminate on the
first day of July, two thousand
five eight. No entitlement to the
tax credit under this article shall result from any contribution
made to any certified project after the first day of July, two
thousand
five eight, and no credit shall be available to any
taxpayer for any contribution made after that date. Taxpayers
which have gained entitlement to the credit pursuant to eligible
contributions made to certified projects prior to the first day of
July, two thousand
five eight, shall retain that entitlement and
apply the credit in due course pursuant to the requirements and
limitations of this article.
NOTE: The purpose of this bill is to provide for biannual
independent review of the Neighborhood Investment Program and to
extend the program until July 1, 2008.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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