Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb3169%20intr.htm&yr=2011&sesstype=RS&i=3169
Timestamp: 2018-03-22 16:28:52
Document Index: 551363555

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

HB 3169 Text
Introduced Version House Bill 3169 History
H. B. 3169
(By Delegates Kominar, White, Pasdon and Varner)
A BILL to amend and reenact §11-13U-2, §11-13U-3, §11-13U-4, §11-13U-5, §11-13U-8 and §11-13U-10 of the Code of West Virginia, 1931, as amended, all relating to reinstating the high-growth business investment tax credit; broadening the definition of “eligible companies” to include start-up, early stage, growth-oriented businesses that may not otherwise qualify for the tax credit; extending the expiration to five years with a provision for reauthorization; and increasing the annual allocation for credits from $1 million to $2 million.
That §11-13U-2, §11-13U-3, §11-13U-4, §11-13U-5, §11-13U-8 and §11-13U-10 of the Code of West Virginia, 1931, as amended, be amended and reenacted, all to read as follows:
(B) The board of directors of the qualified start-up, early stage, growth oriented or research and development company is controlled by the eligible taxpayer: Provided, That an eligible taxpayer is deemed to have control of the board of directors of a qualified research and development company if it controls a simple majority of the board of directors.
(a) Beginning on February 1, 2006 2012, and on February 1 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 effectiveness of the tax credit allowed under this article during the most recent three-year period for which information is available: Provided, That the requirement to file the credit review and accountability report terminates June 30, 2011, unless the termination of entitlement to the tax credit as stated in section ten of this article terminates. The criteria to be evaluated includes, but is not limited to, for each year of the three-year period:
The provisions of this article become effective on July 1, 2005 from date of passage, and apply only to qualified investment made on or after that date: Provided, That no entitlement to the tax credit shall result from any qualified investment made after June 30, 2008 2016: Provided, however, That unless sooner terminated by law, the high growth business investment tax credit act will terminate on July 1, 2008 2016 unless reauthorized by the Legislature prior to the termination date. Taxpayers who have gained entitlement to the tax credit pursuant to qualified investment prior to the earlier of July 1, 2008 2016, or termination of the tax credit prior to that date shall retain that entitlement and apply the credit in due course pursuant to the requirements and limitations of this article.
NOTE: The purpose of this bill is to reinstate the high-growth business investment tax credit. The bill broadens the definition of “eligible companies” to include start-up, early stage, growth-oriented businesses that may not otherwise qualify for the tax credit. The bill extends the expiration to five years with a provision for reauthorization. The bill also increases the annual allocation for credits from $1 million to $2 million.