Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=SB465%20SUB2%20ENG.htm&yr=2011&sesstype=RS&i=465
Timestamp: 2018-01-16 19:31:24
Document Index: 421033671

Matched Legal Cases: ['§5', '§5', '§5', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§24', '§5', '§5', '§5', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§11', '§24', '§5']

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §5B-2H-1, §5B-2H-2 and §5B-2H-3; to amend said code by adding thereto a new section, designated §11-1C-11c; to amend and reenact §11-6D-1, §11-6D-2, §11-6D-3, §11-6D-4, §11-6D-5, §11-6D-6, §11-6D-7 and §11-6D-8 of said code; to amend said code by adding thereto a new section, designated §11-6D-9; to amend and reenact §11-6F-2 and §11-6F-3 of said code; to amend said code by adding thereto a new section, designated §11-13A-5b; to amend and reenact §11-13R-3 of said code; to amend and reenact §11-13S-3 and §11-13S-4 of said code; to amend and reenact §11-15-8d of said code; and to amend and reenact §24-2F-3 of said code, all relating generally to the Marcellus Gas and Manufacturing Development Act of 2011; providing short title; making legislative findings and declarations; creating a tax credit for the personal property tax on horizontal drilling rigs and related equipment; authorizing the tax commissioner to promulgate rules; amending and reinstating alternative fuel motor vehicle tax credit; providing credit for alternative fuel refueling facilities; making legislative findings; stating legislative purpose; defining terms; allowing credit for purchase of alternative fuel motor vehicles, conversion of vehicles to alternative fuel motor vehicles and for commercial and residential alternative fuel refueling facilities; providing for expiration of credits; requiring Tax Commissioner to promulgate rules and design forms; providing for carryover of unused credits and for recapture of credits; amending definition of “manufacturing” for purposes of special method for appraising qualified capital additions to manufacturing facilities for property tax purposes; providing new rules for treatment of certified capital addition property; setting baseline for oil and gas severance tax collections; providing for excess distribution and deposit of excess collections; amending definition of “research and development” for purposes of strategic research and development tax credit; amending definition of “manufacturing” for purposes of manufacturing investment tax credit; requiring certain business activities comply with the West Virginia Jobs Act in order to be eligible for the manufacturing investment tax credit; providing additional exception to limitation on right to assert sales and use tax exemptions; and clarifying meaning of “natural gas” for purposes of Alternative and Renewable Energy Portfolio Standard Act.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §5B-2H-1, §5B-2H-2 and §5B-2H-3; that said code be amended by adding thereto a new section, designated §11-1C-11c; that §11-6D-1, §11-6D-2, §11-6D-3, §11-6D-4, §11-6D-5, §11-6D-6, §11-6D-7 and §11-6D-8 of said code be amended and reenacted; that said code be amended by adding thereto a new section, designated §11-6D-9; that §11-6F-2 and §11-6F-3 of said code be amended and reenacted; that said code be amended by adding thereto a new section, designated §11-13A-5b; that §11-13R-3 of said code be amended and reenacted; that §11-13S-3 and §11-13S-4 of said code be amended and reenacted; that §11-15-8d of said code be amended and reenacted; and that §24-2F-3 of said code be amended and reenacted, all to read as follows:
§5B-2H-3. Tax Credit for the amount of personal property tax on all horizontal drilling rigs and related equipment.
(a) Each company organized in the state of West Virginia with corporate headquarters in the state of West Virginia, that owns a horizontal drilling rig and related equipment to horizontal drilling is entitled to a tax credit against the taxes imposed in articles thirteen, thirteen-a, twenty-one, twenty-three, and twenty-four of chapter eleven of this code for the amount provided in subsection (b) of this section: Provided, that such company complies with the West Virginia Jobs Act as provided in Article one-c, chapter twenty one of this code.
(b) The amount of credit allowed under this section is one hundred percent of the annual personal property taxes imposed on the company as a result of the company’s ownership of the horizontal drilling rig and related equipment to the horizontal drilling.
(c) All companies eligible for this tax credit may only take such credit for a five year period.
(d) No company is eligible to begin taking this credit for the five-year period after July 1, 2013.
(e) No carryover of the credit is allowed.
(f) The tax commissioner shall propose rules for legislative approval in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this section, to provide any necessary clarification of the provisions of this section and to efficiently provide for the general administration of this section. The tax commissioner is authorized to promulgate emergency rules to implement the provisions of this section.
(d) (e) "Qualified capital addition to a manufacturing facility" means all real property and personal property, the combined original cost of all of the property which exceeds $50 million to be constructed, located or installed at or within two miles of a manufacturing facility owned or operated by the person making the capital addition that has a total original cost before the capital addition of at least $100 million. Provided, That If the capital addition is made in a steel, chemical or polymer alliance zone as designated from time-to-time by executive order of the Governor, then the person making the capital addition may for purposes of satisfying the requirements of this subsection join in a multiparty project with a person owning or operating a manufacturing facility that has a total original cost before the capital addition of at least $100 million if the capital addition creates additional production capacity of existing or related products or feedstock or derivative products respecting the manufacturing facility, consists of a facility used to store, handle, process or produce raw materials for the manufacturing facility, consists of a facility used to store, handle or process natural gas to produce fuel for the generation of steam or electricity for the manufacturing facility or consists of a facility that generates steam or electricity for the manufacturing facility. Beginning July 1, 2011, wherever the number “100” is used in this subsection, the number “20” shall be substituted and where the number “50” is used, the number “10” shall be substituted.
(a) Credit allowed. -- There is allowed to eligible taxpayers and to persons described in subdivision (5), subsection (b) of this section a credit against the taxes imposed by articles thirteen-a, twenty-three and twenty-four of this chapter: Provided, that a tax credit for any eligible taxpayer operating a business activity classified as having a sector identifier, consisting of the six digit code number 211112, such eligible taxpayer must comply with the West Virginia Jobs Act as provided in Article one-c, chapter twenty one of this code in order to be eligible for any credit under this article. The amount of credit shall be determined as hereinafter provided in this section.
(2) Severance tax. -- The credit is applied to reduce the severance tax imposed under article thirteen-a of this chapter (determined before application of the credit allowed by section three, article twelve-b of this chapter and before any other allowable credits against tax and before application of the annual exemption allowed by section ten, article thirteen-a of this chapter). The amount of annual credit allowed may not reduce the severance tax, imposed under article thirteen-a 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: Provided, That for tax years beginning on and after January 1, 2009, the amount of annual credit allowed may not reduce the severance tax, imposed under article thirteen-a of this chapter, below forty percent of the amount which would be imposed for such taxable year in the absence of this credit against tax. When in any taxable year the taxpayer is entitled to claim credit under this article and article thirteen-d of this chapter, the total amount of all credits allowable for the taxable year may not reduce the amount of the severance tax, imposed under article thirteen-a of this chapter, below fifty percent of the amount which would be imposed for such taxable year (determined before application of the credit allowed by section three, article twelve-b of this chapter and before any other allowable credits against tax and before application of the annual exemption allowed by section ten, article thirteen-a of this chapter): Provided, however, That when in any taxable year beginning on and after January 1, 2009, the taxpayer is entitled to claim credit under this article and article thirteen-d of this chapter, the total amount of all credits allowable for the taxable year may not reduce the amount of the severance tax, imposed under article thirteen-a of this chapter, below forty percent of the amount which would be imposed for such taxable year as determined before application of the credit allowed by section three, article twelve-b of this chapter and before any other allowable credits against tax and before application of the annual exemption allowed by section ten, article thirteen-a of this chapter;