Senate Bill No. 124
(By Senators Caruth, Barnes, Boley, Guills, McKenzie, Sprouse,
Yoder and Hall)
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[Introduced January 18, 2007; referred to the Committee on
Finance.]
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A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new article, designated §11-13W-1, §11-13W-2,
§11-13W-3, §11-13W-4 and §11-13W-5, all relating to
establishing the miners' health and safety equipment
investment tax credit; definitions; specifying the method for
determining the tax credit; and specifying when credit may be
taken.
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 article, designated §11-13W-1, §11-13W-2,
§11-13W-3, §11-13W-4 and §11-13W-5, all to read as follows:
ARTICLE 13W. MINERS' HEALTH AND SAFETY EQUIPMENT INVESTMENT TAX
CREDIT.
§11-13W-1. Short title.
This article shall be known and cited as the Miners' Health
and Safety Equipment Investment Tax Credit.
§11-13W-2. Legislative purpose.
In order to promote and enhance the safety of miners there is
hereby provided a miners' health and safety equipment tax credit
for purchasing certain miners' health and safety equipment required
by the provisions of section fifty-five, article two, chapter
twenty-two-a of this code.
§11-13W-3. Definitions.
(a) Any term used in this article has the same meaning as when
used in a comparable context in articles thirteen-a and
twenty-three of this chapter, unless a different meaning is clearly
required by the context in which it is used or by definition in
this article.
(b) As used in this article, the term:
(1) "Eligible taxpayer" means and includes any individual,
partnership, joint venture, association, corporation, receiver,
trustee, guardian, executor, administrator, fiduciary or
representative of any kind engaged in the business of operating an
underground mine in West Virginia or who purchases qualified
miners' health and safety equipment which is used in an underground
mine in West Virginia.
(2) "Qualified miners' health and safety equipment" means
equipment purchased pursuant to subdivision (2), subsection (f),
subdivision (1), subsection (g) and subdivision (1), subsection
(h), all of section fifty-five, article two, chapter twenty-two-a of ths code or related research equipment.
§11-13W-4. Amount of tax credit.
There shall be allowed to any eligible taxpayer a credit
against the severance tax imposed by article thirteen-a of this
chapter or the business franchise tax imposed by article
twenty-three of this chapter, whichever such tax may be imposed
upon the eligible taxpayer. The amount of the credit available to
any eligible taxpayer shall be equal to fifty percent of its cost
of purchasing qualified miners' health and safety equipment.
§11-13W-5. Effective date.
The credit allowed by this article is allowed for investments
in qualified miners' health and safety equipment placed in service
or use on or after the first day January, two thousand six.
(NOTE: The purpose of this bill is to allow a credit against
the severance tax imposed or business franchise tax equal to 50
percent of the cost of purchasing qualified miners' health and
safety equipment. An eligible taxpayer may claim the credit
against its tax liability for the taxable year in which it
purchases qualified miners' health and safety equipment. Any
portion of an eligible taxpayer's investment in qualified miners'
health and safety equipment which cannot be used to offset
taxpayer's severance tax or business franchise tax imposed for the
year in which the investment is made may be carried forward until
used.)
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