Senate Bill No. 593
(By Senators Caruth, Guills and Weeks)
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[Introduced February 16, 2006; referred to the Committee
on Transportation and Infrastructure; and then 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 and
§11-13W-2, all relating generally to creation of a tax credit
for payments made by individuals, businesses and corporations
for tolls on the West Virginia Turnpike.
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 and
§11-13W-2, all to read as follows:
ARTICLE 13W. TAX CREDIT TO OFFSET INCREASED TOLL RATES.
§11-13W-1. Findings and purpose.
The Legislature finds that mobility within and through the
State of West Virginia shall be affordable and cost-efficient to
the taxpayers and business owners of West Virginia. Therefore, a credit shall be allowed to help offset the financial burden and
impact created by increases in the rate of tolls imposed upon
drivers on the West Virginia Turnpike.
§
11-13W-2. Credit allowed; creation of credits.
(a) There shall be allowed to every taxpayer a credit against
the personal income tax payable under chapter eleven of this code.
Such credit shall be in the amount equal to the amount paid by the
individual in tolls on the West Virginia Turnpike:
Provided, That
such credit does not exceed five hundred dollars, and is supported
by toll receipts.
(b) There shall be allowed to every business or corporation
licensed to do business in the State of West Virginia a credit
against the corporate net income tax payable under chapter eleven
of this code. Such credit shall be in the amount equal to the
total expenditures paid by such business or corporation in tolls on
the West Virginia Turnpike:
Provided, That such credit does not
exceed fifty percent of the total expenditures paid on tolls, and
is supported by toll receipts.
NOTE: The purpose of this bill is to provide a tax credit for
individuals and businesses to offset payments for the tolls on the
West Virginia Turnpike. The credit for individuals may not exceed
five hundred dollars annually, and the credit for businesses may
not exceed fifty percent of their total expenditures paid for
tolls.
§11-13W-1 and §11-13W-2 are new; therefore, underscoring and
strike-throughs have been omitted.
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