Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=SB201%20SUB1.htm&yr=2011&sesstype=RS&i=201
Timestamp: 2018-03-21 13:30:22
Document Index: 64548453

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

(By Senators McCabe, Browning, Foster, Wells, Stollings, Klempa and Kessler (Acting President))
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-13BB-1, §11-13BB-2, §11-13BB-3, §11-13BB-4, §11-13BB-5, §11-13BB-6, §11-13BB-7, §11-13BB-8, §11-13BB-9, §11-13BB-10, §11-13BB-11, §11-13BB-12, §11-13BB-13 and §11-13BB-14, all relating to authorizing a tax credit against business franchise tax, corporate net income tax or personal income tax for eligible expenditures incurred in placing in service a residential or nonresidential energy-efficient building; defining terms; establishing the amount of tax credit permitted; requiring an application prior to taking the credit; providing the credit will be taken over a ten-year period; allowing the credit to be carried forward; providing that the tax credit is transferrable; providing for the forfeiture of the credit in certain instances; prohibiting the carryback of the credit; authorizing the recapture of the credit; providing a statute of limitations; authorizing rulemaking; and requiring reports to be made.
by adding thereto a new article, designated §11-13BB-1, §11-13BB-2, §11-13BB-3, §11-13BB-4, §11-13BB-5, §11-13BB-6, §11-13BB-7, §11-13BB-8, §11-13BB-9, §11-13BB-10, §11-13BB-11, §11-13BB-12, §11-13BB-13 and §11-13BB-14, all to read as follows:
(7) “Energy efficient residential or nonresidential building” means a residential or nonresidential building constructed using building materials:
(A) Which are installed on or in the building which is:
(B) Which are installed as part of:
(1) If the eligible taxpayer is an electing small business corporation (as defined in section 1361 of the United States Internal Revenue Code of 1986, as amended), a partnership, a limited liability company that is treated as a partnership for federal income tax purposes or a sole proprietorship, then any unused credit, after application of subsections (b) and (c) of this section, as applicable, is allowed as a credit against the taxes imposed by article twenty-one of this chapter. Any individual taking the credit may also take the credit against the taxes imposed by article twenty-one of this chapter
(b) No other tax credit authorized. -- The credit allowed or authorized under the provisions of this article shall not be allowed, authorized or applied against tax if any tax credit is authorized, applied for or used or applied against tax by the taxpayer, or by any other person, under article thirteen-d, article thirteen-e, article thirteen-q, article thirteen-r, or article thirteen-s of this chapter, or any combination thereof, for, or with relation to, investment in any building, or facility for which credit is, or may be, allowed, authorized or applied against tax under this article.
This article shall be effective for business franchise tax years, corporate net income tax years and personal income tax years beginning on or after January 1, 2012.