Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=SB507%20intr.htm&yr=2010&sesstype=RS&i=507
Timestamp: 2018-04-25 03:48:13
Document Index: 367449050

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§22', '§22', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§22', '§22', '§11']

[Introduced February 8, 2010; referred to the Committee on Economic Development; and then to the Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-13AA-1, §11-13AA-2, §11-13AA-3, §11-13AA-4, §11-13AA-5, §11-13AA-6, §11-13AA-7, §11-13AA-8, §11-13AA-9, §11-13AA-10, §11-13AA-11, §11-13AA-12, §11-13AA-13 and §11-13AA-14 ; to amend and reenact §22A-1-4 of said code ; and to amend and reenact §22A-11-3 of said code, all relating to providing a tax credit for purchase of innovative mine safety technology; specifying short title; specifying legislative findings and purpose; specifying definitions; specifying requirements for list of approved innovative mine safety technology; specifying amount of tax credit allowed; specifying criteria for qualified investment; specifying forfeiture of unused tax credits; specifying treatment for transfer of certified eligible safety property to successors; setting forth requirements for identification of investment credit property; prescribing treatment for failure to keep records of certified eligible safety property; specifying tax credit review and accountability requirements; specifying requirement for disclosure of tax credits; authorizing issuance of rules; amending the duties of the Director of the West Virginia Office of Miners' Health, Safety and Training ; and amending the duties of the Mine Safety Technology Task Force.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §11-13AA-1, §11-13AA-2, §11-13AA-3, §11-13AA-4, §11-13AA-5, §11-13AA-6, §11-13AA-7, §11-13AA-8, §11-13AA-9, §11-13AA-10, §11-13AA-11, §11-13AA-12, §11-13AA-13 and §11-13AA-14 ; that §22A-1-4 of said code be amended and reenacted; and that §22A-11-3 of said code be amended and reenacted, all to read as follows:
§11-13AA-4. List of approved innovative mine safety technology. (a) List of approved innovative mine safety technology. -- The Mine Safety Technology Task Force, established in section two, article eleven, chapter twenty-two-a of this code, shall annually compile a proposed list of approved innovative mine safety technologies. Such list shall be transmitted to the director for approval. The director has thirty days to approve or amend the list. At the expiration of thirty days, the director shall publish the list of approved innovative mine safety technologies. The list shall describe and specifically identify safety equipment for use in West Virginia coal mines which, in the fiscal year when such equipment is added to the list, is not required by the Mine Safety and Health Administration of the United States Department of Labor or the West Virginia Office Of Miners' Health, Safety And Training or any other state or federal agency, to be used in a coal mine or on a mine site or on any other industrial site. Safety equipment shall remain on the list from year to year until the director removes it from the list. The Office of Miners' Health, Safety and Training may establish by legislative rule or interpretive rule a shorter time period for issuance of and updating of the list of approved innovative mine safety technologies.
(a)Credit allowed. -- There is allowed to eligible taxpayers a credit against the taxes imposed by articles twenty-three and twenty-four of this chapter. The amount of credit shall be determined as provided in this section.
(3) Corporation net income tax. -- After application of subdivision (2) of this subsection, any unused credit is next applied to reduce the corporation net income tax imposed under article twenty-four of this chapter (determined before application of any other allowable credits against tax). The amount of annual credit allowed will not reduce corporation net income tax, imposed under article twenty-four of this chapter, below fifty percent of the amount which would be imposed for such taxable year in the absence of this credit against tax.
(2) Damaged, destroyed or stolen property. -- If eligible safety property is damaged or destroyed by fire, flood, storm or other casualty, or is stolen, then the cost for replacement of such eligible safety property, will not include any insurance proceeds received in compensation for the loss;
(3) Rental property. -- The cost for eligible safety property acquired by lease for a term of at least five years or longer is one hundred percent of the rent reserved for the primary term of the lease, not to exceed ten years;
(b) Transfer or sale to successor. -- Certified eligible safety property will not be treated as disposed of under section seven of this article by reason of any transfer or sale to a successor business which continues to use the certified eligible safety property in a coal mine in West Virginia. Upon transfer or sale, the successor shall acquire the amount of credit that remains available under this article in the original ten year credit period for each subsequent taxable year, and the taxpayer (transferor) shall not be required to forfeit the credit for such subsequent years. Upon transfer or sale, the successor shall acquire the amount of credit that remains available under this article for each taxable year subsequent to the taxable year of the transferor during which the transfer occurred and, for the year of transfer, an amount of annual credit for the year in the same proportion as the number of days remaining in the transferor's taxable year bears to the total number of days in the taxable year and the taxpayer (transferor) shall not be required to redetermine the amount of credit allowed in earlier years.
(a) Beginning on August 1, 2011, and August 1 of every third year thereafter, the Tax Commissioner shall submit to the Governor, the President of the Senate and the Speaker of the House of Delegates a tax credit review and accountability report evaluating the cost of the credit allowed under this article during the most recent three-year period for which information is available. The criteria to be evaluated includes, but is not limited to, for each year of the three-year period:
(c) The Director of the Office of Miners' Health, Safety and Training , or his or her designee, upon receipt of the list of approved innovative mine safety technologies from the Mine Safety Technology Task force, has thirty days to approve or amend the list as provided in section four, article thirteen-aa, chapter eleven of this code. At the expiration of the time period, the director shall publish the list of approved innovative mine safety technologies as provided in section four, article thirteen-aa, chapter eleven of this code.
NOTE: The purpose of this bill The purpose of this article is to allow for a tax credit for coal companies that purchase innovative safety technology that is compiled by the Mine Safety Technology Task Force and approved by the Director of the West Virginia Office of Miners' Health, Safety and Training. The bill makes legislative findings and purpose and defines terms. The bill sets forth requirements for a list of approved innovative mine safety technology. The bill specifies the amount of tax credit allowed. The bill establishes the criteria for qualified investments. The bill specifies forfeiture of unused tax credits. The bill specifies treatment for transfer of certified eligible safety property to successors. The bill also sets forth requirements for identification of investment credit property. The bill prescribes treatment for failure to keep records of certified eligible safety property. The bill further sets forth tax credit review and accountability requirements and specifies the requirements for disclosure of tax credits. The bill grants rulemaking authority. The bill also amends the duties of the Director of the West Virginia Office of Miners' Health, Safety and Training and amends the duties of the Mine Safety Technology Task Force.
Article 13AA is new; therefore, strike-throughs and underscoring have been omitted.