Senate Bill No. 463
(By Senators Craigo, Withers and Macnaughtan)
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[Introduced March 22, 1993; referred to the Committee
on Finance.]
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A BILL to amend article one, chapter five-e of the code of West
Virginia, one thousand nine hundred thirty-one, as amended,
by adding thereto a new section, designated section twenty-
two, relating to the capital company act; barring new
approvals of companies and credits; and ending the program.
Be it enacted by the Legislature of West Virginia:
That article one, chapter five-e of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
twenty-two, to read as follows:
ARTICLE 1. WEST VIRGINIA CAPITAL COMPANY ACT.
§5E-1-22. Phase out and termination of article.
(a) On and after the first day of July, one thousand nine
hundred ninety-three, the authority may not certify or qualify
any new capital companies under the provisions of section six of
this article, nor may the authority authorize any new tax credits
under the provisions of section eight of this article.
(b) When all existing tax credits authorized under this
article have been used or expired and all other activities
required by this article have been completed, the provisions of
this article are terminated and shall be of no further effect.
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(NOTE: The purpose of this bill is to prevent any new
activities under the capital company act after July 1, one
thousand nine hundred ninety-three, and to terminate the act
after already approved activities have ceased.)
FINANCE COMMITTEE AMENDMENT
The Committee on Finance moved to amend the bill on page
___, by striking out the title and substituting therefor a new
title, to read as follows:
Senate Bill No. 463--A Bill to amend article one, chapter
five-e of the code of West Virginia, one thousand nine hundred
thirty-one, as amended, by adding thereto a new section,
designated section twenty-two, relating to the capital company
act; prohibiting the certification or qualification of any new
capital companies; prohibiting the authorization of any new tax
credits; and terminating the program.
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