Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb2777%20enr.htm&yr=2005&sesstype=RS&i=2777
Timestamp: 2018-01-16 08:52:20
Document Index: 312354731

Matched Legal Cases: ['§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18', '§18']

Enrolled Version - Final Version House Bill 2777 History
hb2777 enr
[Passed March 9, 2005 ; in effect from passage.]
AN ACT to amend and reenact §18B-13-1, §18B-13-2, §18B-13-3, §18B- 13-4 and §18B-13-5 of the Code of West Virginia, 1931, as amended, relating to higher education and industry partnerships; amending tax incentives for certain businesses located in the geographic area of a High-Tech research zone, park or technology center; defining qualified business; defining qualified state institution of higher education; designation of the particular geographic area comprising the research zone, park or technology center; updating language to be consistent with current higher education governance structure; updating other language; and other technical amendments.
That §18B-13-1, §18B-13-2, §18B-13-3, §18B-13-4 and §18B-13-5 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
(a) Legislative findings -- The Legislature finds that a pressing need exists for collaborative research and development between institutions of higher education and industry. This need also extends to assisting companies to develop and adapt to new technology. A commitment by the state to support cooperative partnerships between higher education and industry preserves existing jobs and creates new jobs; promotes development of business enterprises and helps them become competitive; and enables West Virginia to achieve the goals of economic growth and full employment by revitalizing and diversifying the economy. Focused research and technical assistance efforts related to West Virginia industry advances such development, improves technology transfer, assists companies in becoming growth leaders and links basic research and technological developments to economic advancement.
(b) Legislative intent -- It is the intent of the Legislature to adopt the following as state goals to be reached through applied science and technology and partnership programs :
(3) Creating jobs for the people of this state..
(c) Definition -- As used in this article, "Qualified business" means a business registered to do business in this state which is engaged in science and technology related "manufacturing" (as defined in section three, article thirteen-s, chapter eleven of this code) or science and technology related "research and development" (as defined in section three, article thirteen-q, or section three, article thirteen-r, chapter eleven of this code) within a research zone, park or technology center.
(b) For taxable years beginning on and after the first day of January, two thousand five, any qualified business approved by the West Virginia Development Office on or after the first day of January, two thousand four, and located in a geographic area designated as a High-Tech research zone, park or technology center, shall be considered to be:
(c) Notwithstanding any other provision herein to the contrary, the amount of total credits and deferrals allowable under this section, shall not exceed two and one-half million dollars in any one fiscal year for all eligible businesses: Provided, That, except for the credit allowed under subdivision (4), subsection (b)of this section, the credits allowed by this section are nonrefundable so that a taxpayer shall not claim a total credit amount that reduces the taxpayer's tax liability to less than zero.
(c) The Legislature finds that cooperation, communication and coordination are integral components of higher education's involvement in economic development. In order to proceed in a manner that is cost effective and time efficient, it is the duty of the Commission to review and coordinate such aspects of the programs administered by the governing boards. The review and coordination may not operate to affect adversely sources of funding or any statutory characterization of any program as an independent entity. The Commission shall report annually to the Legislature and the Governor. The report shall contain the following information:
(1) The number of seminars and workshops conducted;
(2) The subject matter addressed in each seminar and workshop;
(3) The number of feasibility studies conducted and the subject matter contained in each study;
(4) An accounting of the cost of all travel expenses, seminars, workshops and feasibility studies; and
(5) The extent to which the authority provided for in subsection (b) of this section has been exercised, stating specifically the names of the institutions and faculty members involved in the program.