Source: http://www.wvlegislature.gov/Bill_Text_HTML/2000_SESSIONS/RS/Bills/HB2920%20INTR.htm
Timestamp: 2018-01-24 12:00:05
Document Index: 557514554

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

(By Delegates Amores, Jenkins, Romine,
Frederick and Thompson)
A BILL to amend chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new article, designated article thirteen-p, relating to taxation; and providing a tax credit for high technology manufacturing companies.
ARTICLE 13P. TAX CREDIT FOR NEW HIGH TECHNOLOGY COMPANIES AFTER JULY 1, 1999.
The Legislature finds that manufacture or production of high technology products is very important to the economy of this state and that a sound economy is in the public interest and promotes the general welfare of the people of this state. In order to encourage capital investment in this state, through the manufacture of high technology products after the thirtieth day of June, one thousand nine hundred ninety-nine, thereby increasing employment and economic development, there is hereby provided to eligible taxpayers a credit for each new job filled by a full-time hourly employee who works in a new high technology product manufacturing facility, or in a new high technology product line of an existing manufacturing facility, that begins operating in this state after the thirtieth day of June, one thousand nine hundred ninety-nine.
(15) "Eligible taxpayer" means a person who after the thirtieth day of June, one thousand nine hundred ninety-nine, begins manufacturing a high technology product at a new manufacturing facility located in this state, or begins manufacturing a new high technology product line at an existing manufacturing facility located in this state, which results in the creation of new jobs filled by full-time employees.
(22) "Manufacturing" means a systematic operation or integrated series of systematic operations engaged in as a business or segment of a business which transforms or converts tangible personal property by physical, chemical or other means into a different form, composition or character from that in which it originally existed. Manufacturing includes software development and software manufacturing. Manufacturing includes the production or use of advanced or sophisticated devices in the fields of electronics and computers which are commonly referred to as "high tech" or " high technology". In no case does the term "manufacturing" include the activities of building construction, construction of other structures or facilities affixed to or on realty, retailing or agriculture, food processing or food manufacturing, the operation of any restaurant or retail food preparation or sales operation, the production of any natural resource, contract mining or any other activity of severing, producing, processing or extracting any natural resource. Manufacturing production begins with the arrival of raw materials and ends when the property has reached that point where no further chemical, physical or other changes are to be made to the resultant property in the production process.
(24) "New high technology" means the manufacture of a high technology product in an existing manufacturing facility in this state that first begins manufacturing the new high technology product line after the thirtieth day of June, one thousand nine hundred ninety-nine.
(25) "New high technology product manufacturing facility" means a building that is primarily used by the eligible taxpayer to manufacture a high technology product that is first placed in service and used for that purpose by the eligible taxpayer after the thirtieth day of June, one thousand nine hundred ninety-nine. If the facility was used by the taxpayer, or by a related person, to manufacture tangible personal property at any time during the twelve months preceding the month in which the facility is first used by the taxpayer to manufacture a high technology product, the building is not a new high technology product manufacturing facility.
(33) "Related entity", "related person", "entity related to" or "person related to" means:
(35) "Taxpayer" means any person subject to the tax imposed by articles twenty-one, twenty-three or twenty-four of this chapter.
There is allowed to every eligible taxpayer a credit against the taxes imposed in articles twenty-one, twenty-three and twenty-four of this chapter. The amount of this credit shall be determined and applied as provided in this article.
§11-13P-7. Annual computation of the number of new jobs held by full-time employees.
(b) The eligible taxpayer shall also annually determine the number of new jobs filled during the taxable year by full-time employees of the eligible taxpayer employed at a new high technology product manufacturing facility, or at a new high technology product line at an existing manufacturing facility, located in this state that is owned or operated by the eligible taxpayer, by calculating the average number of new jobs held by full-time employees for each month of the taxable year by averaging the beginning and ending monthly employment of full- time employees holding new jobs, then totaling the monthly averages and dividing that total by twelve.
§11-13P-8. Availability of credit to successors.
§11-13P-9. Credit recapture; interest; penalties; additions to tax; statute of limitations.
§11-13P-10. Administrative rules.
§11-13P-11. Construction of article.
§11-13P-12. Effective date.
This article shall be effective for taxable years beginning on or after the first day of July, one thousand nine hundred ninety-nine.