Senate Bill No. 2006
(By Senators Tomblin, Mr. President, and Sprouse,
By Request of the Executive)
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[Introduced November 9, 2006; 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 section, designated §5E-1-23; and to
amend said code by adding thereto a new section, designated
§5E-2-5, all relating to capital companies and venture capital
companies; terminating authorization for the tax credit for
investment in capital companies made after the thirty-first
day of December, two thousand six; and terminating
authorization for the tax credit for investment in a venture
capital company made after the thirty-first day of December,
two thousand six.
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 §5E-1-23; and that said
code be amended by adding thereto a new section, designated
§5E-2-5, all to read as follows:
ARTICLE 1. WEST VIRGINIA CAPITAL COMPANY ACT.
§5E-1-23. Elimination of credit; effective date.
Notwithstanding any other provision of this article to the
contrary, no entitlement to any tax credit under this article shall
result from, and no tax credit shall be available to, any taxpayer
for any investment in a West Virginia capital company made after
the thirty-first day of December, two thousand six: Provided, That
the provisions of this article shall continue to apply to investors
that have gained entitlement to the tax credit authorized by this
article when made pursuant to a qualified investment in a West
Virginia capital company authorized by the authority and occurring
prior to the first day of January, two thousand seven.
ARTICLE 2. WEST VIRGINIA VENTURE CAPITAL ACT.
§5E-2-5. Elimination of credit; effective date.
Notwithstanding
any other
provision of this article to the
contrary, no entitlement to any tax credit under this article shall
result from, and no tax credit shall be available to, any taxpayer
for any venture capital investment made after the thirty-first day
of December, two thousand six: Provided, That the provisions of
this article shall continue to apply to investors that have gained
entitlement to the tax credit authorized by this article when made
pursuant to a qualified investment in a fund authorized by the
authority and occurring prior to the first day of January, two
thousand seven.
NOTE: The purpose of this bill is to terminate the tax credit
for investment in West Virginia capital companies and venture
capital companies after December 31, 2006, but to authorize credits
that have been authorized to continue until completed.
§5E-1-23 and §5E-2-5 are new; therefore, strike-throughs and
underscoring have been omitted.
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