Source: http://www.wvlegislature.gov/bill_status/bills_text.cfm?billdoc=hb2570%20intr.htm&yr=2016&sesstype=RS&i=2570
Timestamp: 2020-08-15 19:04:27
Document Index: 489002767

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

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13C-17; and to amend said code by adding thereto a new section, designated §11-24-9d, all relating to a tax deduction allowed for capital expenditures from the corporate net income tax.
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-13C-17; and that said code be amended by adding thereto a new section, designated §11-24-9d, all to read as follows:
§11-13C-17. Tax deduction for replacing any capital expenditures; definitions; no carryover.
(a) Capital expenditures means funds used by a company to acquire or upgrade physical assets such as property, industrial buildings or equipment including, but not limited to, repairing a roof, building a new factory or purchasing new computers.
(b) A tax deduction is allowed against the primary tax imposed by this code equal to the amount of money spent by a business or small business, as defined in this article, for all capital expenditures.
(c) A business or small business must apply the tax deduction to the tax year in which the capital expenditure was made.
§11-24-9d. Tax deduction for replacing any capital expenditures; definitions; no carryover.
(b) A deduction shall be allowed against the primary tax imposed by this article equal to the amount of money spent by a corporation for all capital expenditures.
(c) A corporation must apply the tax deduction to the tax year in which the capital expenditure was made.
NOTE: The purpose of this bill is to allow a deduction for all capital expenditures from the corporate net income tax.
§11-13C-17 and §11-24-9d are new; therefore, they have been completely underscored.