Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb4698%20intr.htm&yr=2008&sesstype=RS&i=4698
Timestamp: 2020-08-04 14:23:39
Document Index: 503054089

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11']

HB 4698 Text
Introduced Version House Bill 4698 History
(By Delegates Blair)
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto two new sections, designated as §11-23-29 and §11-24-43, relating to taxation; a credit for Ad Valorem tax paid on Manufacturing Inventory, and other tangible personal property which will reduce either or both the amount of business franchise tax or corporate net income tax owed, effective the first day of July, two thousand eight.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto two new sections, designated §11-23-29 and º11- 24-43, to read as follows:
Credit for Ad Valorem Taxation Of Manufacturing Inventory, And Other Tangible Personal Property.
(1) Allowance of credit. In the case of taxable periods beginning on or after the first day of July, two thousand eight, every new incoming foreign corporation, in its first year of business of which it is engaging in business in this state or deriving income from property, activity or other sources in this state, shall be allowed a refundable credit against the taxes paid by this article equal to the amount of ad valorem property taxes paid on tangible personal property .
(2) Allowance of credit. In the case of taxable periods beginning on or after the first day of July, two thousand eight, every foreign or domestic corporation, engaging in business in this state or deriving income from property, activity or other sources in this state, shall be allowed a refundable credit against the taxes imposed by this article equal to the amount of ad valorem property taxes paid on personal property for any new equipment purchased over the previous taxable year.
(3)Any remaining credit from tax paid under the provisions of this section may be applied to any tax owed under the corporate net income tax, as described in chapter eleven, section twenty four of the Code of West Virginia, 1931, as amended.
(4) Legislative rule. - The tax commissioner shall propose legislative rules for promulgation and implementation of this section.
§11-24-43.
(3) Any remaining credit from tax paid under the provisions of this section may be applied to any tax owed under the business franchise tax, as described in chapter eleven, section twenty three of the Code of West Virginia, 1931, as amended.
NOTE: The purpose of this bill is to provide a tax credit for Ad Valorem tax paid on Manufacturing Inventory, and other tangible personal property which will reduce either or both the amount of business franchise tax or corporate net income tax owed , effective the tax year beginning July 1, 2008.
§11-23-29 and §11-24-43 are new; therefore, strike-throughs and underscoring have been omitted.