reglab/statecodes huggingface dataset:
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-7. Authority May Construct, Finance, Maintain, etc., Natural Gas Transmission Projects and Facilities

To accomplish the public policies and purposes and to meet the responsibility of the state as set forth in this article, the West Virginia public energy authority may initiate, acquire, construct, reconstruct, enlarge, maintain, repair, improve, furnish, equip, lease or rent, and operate natural gas transmission projects at such locations or areas within the state as may be determined by the authority: Provided, That at least thirty days prior to exercising any such power, the authority shall provide written notice to any local natural gas distribution company or to any company that transports natural gas in intrastate or interstate commerce, which would experience a direct loss of sales to an end-user presently served by such company as a result of such natural gas transmission project. For purposes of this article, notice shall be given either by personal delivery thereof to the affected company to be so notified, or by depositing such notice in the United States mail, postage prepaid, in an envelope addressed to such affected company.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-8. Annual Report to Governor and Legislature; Audit

The authority shall make an annual report, as soon as possible after the close of each fiscal year, of its activities for the preceding fiscal year to the Governor and the Legislature. Each such report shall set forth a complete operating and financial statement covering the authority's operations during the preceding fiscal year. The authority shall cause an audit of its books and accounts to be made at least once each fiscal year by certified public accountants and the cost thereof may be treated as a part of the cost of financing, of construction or of operations of its projects.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-9. Expenses of Authority

From time to time the Legislature may appropriate funds to be used for the purposes of this article. All expenses incurred in carrying out the provisions of this article shall be payable solely from funds of the authority or from funds appropriated to the authority for such purpose by the Legislature. Such article does not authorize the authority to incur indebtedness or liability on behalf of or payable by the state.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-10. Use of Funds by Authority; Restrictions

All moneys, properties and assets acquired by the authority, bonds or as revenues or otherwise, shall be held by it in trust for the purposes of carrying out its powers and duties, and shall be used and reused in accordance with the purposes and provisions of this article. Such moneys shall at no time be commingled with other public funds.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-12. Maintenance, Operation and Repair of Projects

Each electric power project, each natural gas transmission project or other energy project owned and operated by the authority, when constructed and placed in operation, shall be maintained and kept in good condition and repair by the authority. Each such project owned and operated by the authority shall be operated by such operating employees as the authority employs or pursuant to a contract or lease with a governmental agency or person. All public or private property damaged or destroyed in carrying out the provisions of this article and in the exercise of the powers granted hereunder with regard to any project shall be restored or repaired and placed in its original condition, as nearly as practicable, or adequate compensation made therefor out of funds provided in accordance with the provisions of this article.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-13. Bonds Lawful Investments

The provisions of sections nine and ten, article six, chapter twelve of this code to the contrary notwithstanding, all bonds issued by either the West Virginia economic development authority or the authority for the purposes of this article shall be lawful investments for the West Virginia state Board of Investments and shall also be lawful investments for banking institutions, societies for savings, building and loan associations, savings and loan associations, deposit guarantee associations, trust companies, and insurance companies, including domestic for life and domestic not for life insurance companies.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-14. Exemption From Taxation

The exercise of the powers granted to the authority by this article will be in all respects for the benefit of the people of the state, for the improvement of their health, safety, convenience and welfare and for the enhancement of their residential, agricultural, recreational, economic, commercial and industrial opportunities and is a public purpose. As the ownership, operation and maintenance of natural gas transmission projects and electric power projects and other energy projects owned and/or operated by the authority will constitute the performance of essential governmental functions, the authority shall not be required to pay any taxes or assessments upon any such project or upon any property acquired or used by the authority or upon the income therefrom. Natural gas transmission projects and electric power projects and other energy projects owned or leased by persons other than governmental agencies shall be subject to any taxes or assessments upon any such project or projects. Bonds issued by either the West Virginia economic development authority or the authority and all interest and income thereon shall be exempt from all taxation by this state, or any county, municipality, political subdivision or agency thereof, except inheritance taxes: Provided, That the authority shall require a fee in substitution of any ad valorem tax exemption to be negotiated by said authority.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-15. Acquisition of Property by Authority -- Acquisition by Purchase, Lease or Eminent Domain; Governmental Agencies Authorized to Convey, etc., Property; Sale of Property by Authority

The authority may acquire by purchase, or otherwise, as authorized by this article whenever it deems such acquisition expedient, any land, property, rights, rights-of-way, franchises, easements, leases and other interests in lands it deems necessary or convenient for the construction and operation of any natural gas transmission project, any electric power project, or other energy project.
All governmental agencies, notwithstanding any contrary provision of law, may lease, lend, grant or convey to the authority, at its request, upon such terms as the proper authorities of such governmental agencies deem reasonable and fair, any real property or interest therein, including improvements thereto or personal property which is necessary or convenient to the effectuation of the authorized purposes of the authority, including public roads and other real property or interests therein, including improvements thereto or personal property already devoted to public use.
The authority may sell any land, property, rights, rights-of-way, franchises, easements, leases and other interests in land acquired under the provisions of this section in such manner and upon such terms and conditions as it deems proper.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-16. Authority Not Public Utility and Not Subject to Full Jurisdiction of Public Service Commission; Authority Subject to Provisions Concerning Gas Pipeline Safety

Notwithstanding anything contained in this article to the contrary, and specifically notwithstanding any activities of the authority which shall constitute a public service, the authority shall not be considered or deemed a public utility in any respect for purposes of chapter twenty-four of this code, and neither the authority, nor any of its activities or the activities of its agents or employees, nor any project constructed, maintained or operated by the authority, nor any other matters pertaining to the authority, shall be subject to the jurisdiction of the Public Service Commission of West Virginia, either with respect to the powers of said Public Service Commission generally, or with respect to its power over rates, or otherwise: Provided, That the authority and all natural gas transmission projects which it constructs, maintains or operates shall nevertheless be subject to the provisions of chapter twenty-four-b of this code concerning gas pipeline safety.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-17. Transportation of Gas From Natural Gas Transportation Projects by Gas Utility Pipelines as Common Carriers

In conjunction with any natural gas transportation project, and for any other purpose in order to effectuate the policies and intent of this article, the authority may petition the Public Service Commission, pursuant to section three-a, article three, chapter twenty-four of this code, to authorize and require the transportation of natural gas for the authority or for any end-user or other person doing business with the authority, by intrastate pipelines with unused or excess capacity not needed to meet its contractual obligations, by interstate pipelines with unused or excess capacity not needed to meet interstate commerce demands, or by local distribution companies.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-18. Transportation Fees and Other Revenues From Natural Gas Transmission Projects Owned by the Authority

This section shall apply to any natural gas transmission project or projects which are owned by the authority. The authority may charge, alter and collect transportation fees or other charges for the use or services of any natural gas transmission project, and fix the terms, conditions, transportation fees or other charges for such use or services. Such transportation fees or other charges shall not be subject to supervision or regulation by any other authority, department, commission, board, bureau or agency of the state, including specifically the Public Service Commission.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-19. Financial Interest in Contracts Prohibited; Penalty

No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any contract of any person with the authority, or in the sale of any property, real or personal, to or from the authority. This section does not apply to contracts or purchases of property, real or personal, between the authority and any governmental agency. If any officer, member or employee of the authority has such financial interest in a contract or sale of property prohibited hereby, he shall be guilty of a misdemeanor, and, upon conviction thereof, shall be fined not more than $1,000, or imprisoned in the county jail not more than one year, or both fined and imprisoned.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-20. Personal Liability of Members or Persons Acting on Behalf of the Authority

(a) No director or any person acting on behalf of the authority executing any contracts, comments or agreements issued pursuant to this article shall be liable personally upon such contracts, comments or agreements or be subject to any personal liability or accountability by reason thereof; and
(b) No director or any person acting on behalf of the authority shall be personally liable for damage or injury resulting from the performance of his duties hereunder.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-21. Meetings and Records of Authority to Be Kept Public

All meetings of the authority shall be open to the public and the records of the authority shall be open to public inspection at all reasonable times, except as otherwise provided in this section. All final actions of the authority shall be journalized and such journal shall also be open to the inspection of the public at all reasonable times. Any records or information relating to secret processes or secret methods of manufacture or production which may be obtained by the authority or other persons acting under authority of this article are confidential and shall not be disclosed.
2023 West Virginia Code › Chapter 5D. Public Energy Authority Act › Article 1. Public Energy Authority of the State of West Virginia › §5D-1-23. Severability

If any section, part, provision, subsection, subpart, subdivision, paragraph or subparagraph of this article or the application thereof to any person or circumstance is held unconstitutional or invalid, such unconstitutionality or invalidity shall not affect any other section, part, provision, subsection, subpart, subdivision, paragraph or subparagraph of this article or its application or validity, and to this end the provisions of this article are declared to be severable.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-2. Declaration of Policy

(a) The Legislature finds and declares that the West Virginia economy can be strengthened by promoting private investment in West Virginia businesses.
(b) The Legislature further finds that:
(1) Investment of capital in the West Virginia economy can be promoted by making tax credits available to taxpayers investing in West Virginia capital companies;
(2) Economic development in the West Virginia economy can be stimulated and higher education can be promoted by making tax credits available to taxpayers investing in economic development and technology advancement centers organized to partner with institutions of higher education and qualified pursuant to the provisions of article twelve-a, chapter eighteen-b of this code.
(3) Demands on state revenues restrict the financial ability of this state to make unlimited tax credits available for investment purposes and require that this state place reasonable limits on the total amount of tax credits to be made available for investment incentives;
(4) Establishment of a tax credit program, which gives priority to investments in capital companies in the order in which they are qualified as such, will encourage investment in West Virginia businesses; and
(5) The promotion of private investment in West Virginia businesses will tend to reduce unemployment by creating new or maintaining existing employment opportunities for the citizens of this state.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-3. Purposes

(a) The purpose of this article is to promote the development of the human resources and the diversification of the economy of West Virginia. The investment capital generated by this article must be used to encourage and assist the strengthening of the economy through loans, equity investments, and other business transactions for purposes of developing new business and industry in West Virginia, rehabilitating existing business and industry, and stimulating and assisting in the expansion of business activities that promote and maintain the economic stability of this state by providing maximum opportunities for employment of West Virginians and improving the standard of living of the people of this state.
(b) This article is aimed at:
(1) Increasing the availability of development capital in order to encourage and assist in the creation, development and expansion of businesses based in West Virginia;
(2) Developing, preserving, diversifying, expanding and strengthening the agricultural, industrial and business base of West Virginia's economy, particularly for those businesses utilizing this state's technical, managerial and research resources in domestic and international markets; and
(3) Providing the residents of West Virginia with greater opportunities to invest and participate in the economic development and potential of this state.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-5. Rules

The authority shall promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration of this article. The authority may promulgate additional rules in accordance with article three, chapter twenty-nine-a of this code that it considers necessary to provide for the efficient administration of the credits allowed for investments in economic development and technology advancement centers.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-6. Qualification of West Virginia Capital Companies

(a) The authority shall qualify West Virginia capital companies commencing after the effective date of this article. A company seeking to be qualified as a West Virginia capital company shall make written application to the authority on forms provided by the authority. The application shall contain the information required by section ten of this article. Further, the application shall specify the level of capitalization of the company.
(b) The application shall set forth the applicant's purpose.
(c) The authority may certify West Virginia capital companies in existence after July 1, 1986.
(d) An applicant which is not a small business investment company shall establish an escrow account located in West Virginia, into which funds invested in the applicant shall be deposited and held for the period of time between their receipt by the applicant and the designation of the applicant as a qualified company. Small business investment company applicants shall submit small business administration capital certificates totaling the funds to be invested. The funds shall not be invested by the applicant until it is designated by the authority as a qualified company. In the case of companies which are not small business investment companies, where the authority does not designate the applicant a qualified company, the funds shall be returned to the investors, if requested by the investors.
(e) A West Virginia capital company may not qualify or be issued a certification under this article unless the company holds a valid business registration certificate issued pursuant to article twelve, chapter eleven of this code. A company exempt from registration under article twelve may qualify and be certified under this article upon proof of its exemption.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-7. Minimum Standards of Qualified West Virginia Capital Companies

The following requirements apply to all qualified companies:
(a) A qualified company shall be a certified West Virginia capital company.
(b) A qualified company shall have a reasonably accessible business office located within the State of West Virginia, which office has a listed telephone number and is open to the public during normal business hours.
(c) A qualified company which is not a small business investment company shall maintain all of its capital base, except that which has been invested to meet the purposes of this article, in bank accounts and financial institutions which are located in the State of West Virginia or in any other interest bearing instruments with a maturity of less than one year which are obtained from and managed by a West Virginia corporation.
(d) A qualified company shall have a capital base of at least $1 million, but not greater than $4 million, which must be raised after July 1, 1986. If the amount of the investment in a qualified company in any fiscal year exceeds $4 million, the amount in excess of $4 million is not eligible for tax credits under this article.
(e) No more than twenty-five percent of each separate capital base of a qualified company which is not a small business investment company shall be in the form of full recourse, interest bearing demand notes, backed by an irrevocable letter of credit or bond from a reputable source, as determined by the authority.
(f) A qualified company's stated purpose shall be to encourage and assist in the creation, development or expansion of West Virginia businesses.
(g) A qualified company which is not a small business investment company, seeking to establish a separate capital base or increase its capital base, shall establish an escrow account located in West Virginia, into which funds invested in the qualified company shall be deposited and held for the period of time between their receipt by the qualified company and the designation as qualified of a separate capital base or an increase to capital base. A small business investment company qualified company, seeking to establish a separate capital base or increase its capital base, shall submit small business administration capital certificates totaling the amount of the separate capital base or increased capital base. The funds may not be invested by the qualified company until the designation by the authority. In the case of companies which are not small business investment companies, where the authority does not designate as qualified a separate capital base or an increase to capital base, the funds shall be returned to the investors, if requested by the investors.
(h) A qualified company, when soliciting funds for its capital base, shall disclose that no tax credit for the investor's investment will be available until the authority designates as qualified a capital base or an increase to capital base and issues to the qualified company notice of such qualification and a certificate of tax credit.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-10. Application Requirements

(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth:
(1) The capitalization level of capital company;
(2) The purpose of the company;
(3) The names of investors;
(4) A process for disclosing to investors the tax credit available pursuant to this article. The disclosure shall clearly set forth that no tax credit will be available until the qualification of the company is granted by the authority and the disclosure of immunity of the state for damages is provided to the investors;
(5) The location of the escrow account, if applicable, which has been established for investors for the period of time between the investment and the qualification of the capital company by the authority;
(6) If applicable, evidence that the company is licensed as a small business investment company; and
(7) That the capital company will diligently seek to obtain and thereafter diligently seek to invest leverage available to the small business investment companies.
(b) An applicant submitting an application pursuant to this section shall continually supplement the application if any material fact contained in the application changes. The authority shall determine if the change constitutes an amendment requiring the consent of the authority pursuant to subdivision (c) of this section.
(c) An applicant may not amend an application submitted pursuant to this section without the written consent of the authority for good cause shown.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-13. Restrictions on Investment

(a) No more than thirty percent of the equity raised by a West Virginia capital company under this article may be invested in any one West Virginia business.
(b) No portion of the capital base of a West Virginia capital company may be invested in a business that is the "alter ego" of that West Virginia capital company. Furthermore, after the effective date of this article no investments shall be made by a West Virginia capital company to a business that is an "alter ego" of the West Virginia capital company: Provided, That this restriction on investments shall not effect any contracts entered into prior to the effective date of this article. For purposes of this subsection, a business is an "alter ego" of the West Virginia capital company if any one or more of the following criteria are satisfied:
(1) The ownership of the business is substantially related to the ownership of the capital company; or
(2) The board of directors of the business is controlled by the capital company: Provided, That a capital company may control the board of directors of a business if control consists of no more than a simple majority of the board.
(c) No owner, director, officer or employee of a West Virginia capital company may occupy any management position in any business in which that capital company has invested, unless that person is filling that management position in an effort to remedy problems arising from a lack of profitability of the business or from dishonesty of the persons otherwise managing the business.
(d) West Virginia capital companies that are small business investment companies are not governed by the restrictions described in subsections (b) and (c) of this section but shall conform the rules and regulations promulgated by the small business administration.
(e) Each qualified West Virginia capital company may not invest any of its capital base in any of the following businesses:
(1) Banks;
(2) Savings and loan associations;
(3) Credit companies;
(4) Financial or investment advisors;
(5) Brokerage or financial firms;
(6) Other capital companies;
(7) Charitable and religious institutions;
(8) Conventional oil and gas exploration;
(9) Insurance companies;
(10) Residential housing or development; or
(11) Any other business which the authority determines to be against the public interest, the purposes of this article or in violation of any law.
The authority, by the promulgation of rules in accordance with section five of this article, may designate, in addition to those listed in this subsection, other businesses in which capital companies may not invest any of their capital base.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-15. Investment Reporting and Record Keeping

(a) Each qualified West Virginia capital company shall report, at a minimum, to the Tax Commissioner and the authority on a semiannual basis:
(1) The name of each investor in the qualified West Virginia capital company who is entitled to a tax credit;
(2) The amount of each investor's investment in the capital company;
(3) The amount of the tax credit allowed to the investor and the date on which the qualified investment that generated the tax credit was made;
(4) All qualified investments the company has made;
(5) An affidavit for each business invested in, prepared by any officer or partner of each such respective business which sets forth (A) that it is a business located in or principally based in West Virginia; (B) that more than fifty percent of its assets, operations and employees are located in West Virginia; and (C) a brief description of the activities the business is engaged in; and
(6) An affidavit pertaining to each business invested in, prepared by an officer, partner or trustee of the qualified West Virginia capital company which demonstrates with respect to such business (A) that the business invested in is not a business engaged in an activity prohibited by subsection (d), section thirteen of this article; (B) that more than fifty percent of the assets, operations and employees of the business invested in are located in West Virginia; and (C) that, if a qualified investment, the business invested in is engaged in activities that meet the requirements of a qualified investment as listed in subdivision (d), section four of this article.
(b) The authority, by the promulgation of rules, in accordance with section five of this article, may require that each qualified West Virginia capital company, in its semiannual report to the Tax Commissioner and the authority, disclose information in addition to the disclosures required by subsection (a) of this section.
(c) The company shall provide each investor in a qualified West Virginia capital company with a certificate authorizing the tax credits, and a true copy of the certificate shall be submitted with each taxpayer's tax return claiming a credit under section eight of this article.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-16. Examination

(a) Annually each qualified capital company and center shall cause its books and records to be audited by an independent certified public accountant in accordance with generally accepted auditing and accounting principles. In addition to the performance of a financial audit, the audit shall address the methods of operation and conduct of the business of the West Virginia capital company or center to determine compliance with this article and that the funds received by the company have been invested within the time limits required by this article. Upon completion, a copy of the audit report shall be certified and sent to the authority.
(b) The authority may examine, under oath, any of the officers, directors, agents, employees or investors of a West Virginia capital company or center regarding the affairs and business of the company or center. The authority may issue subpoenas and subpoenas duces tecum and administer oaths. Refusal to obey such a subpoena or subpoena duces tecum may at once be reported to the circuit court of the county in which the company or center is located or the persons subpoenaed reside and the circuit court shall enforce obedience to the subpoena or subpoena duces tecum in the manner provided by law for compliance with a subpoena or subpoena duces tecum issued by a circuit court of this state.
(c) In addition to the audits herein required, the authority and the Tax Commissioner may jointly audit any capital company or number of capital companies or centers in any year on a random basis, or for cause, or for any other basis the authority or the Tax Commissioner may select. The Tax Commissioner may also audit any company or business in which a capital company has made an investment, or which a capital company proposes to invest, on a random audit selection basis, or for cause, or on any other basis the Tax Commissioner may select. Nothing herein shall be construed to prohibit the Tax Commissioner from conducting any audit relating to the administration or enforcement of the tax laws of this state which the Tax Commissioner may, in his or her discretion, determine to be appropriate.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-17. Failure to Comply

(a) If the examination conducted pursuant to section sixteen of this article discloses that a West Virginia capital company or center is not in compliance with the provisions of this article, the authority may exercise any of the powers necessary and appropriate to protect the authority's interest.
(b) The authority shall give a West Virginia capital company or center written notice of any inadequacies in its compliance with the provisions of this article, and specify a period of time the company has to redress such inadequacies. Failure within said time period to make corrections will result in further action by the authority pursuant to this section.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-18. Ruling Procedure

(a) The authority may issue an informal ruling as to its position on the application of this article and the rules promulgated thereunder to a stated transaction or event.
(b) Such rulings will only be issued after receipt of a written request and payment of a nonrefundable filing fee.
(c) Such rulings shall not constitute binding precedent, and are issued solely for the guidance of those persons requesting the ruling. Such rulings may be modified prospectively at any time with notice to the recipient of the ruling at said recipient's last address known to the authority and may be published or released by the authority with facts or characteristics identifying the person or persons requesting the ruling omitted or modified.
(d) Notwithstanding any provision of this section, rulings relating to issues of taxation may be issued only by the State Tax Commissioner and may not be issued by the authority.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-19. Effective Date; Transition Rules

(a) The provisions of subsection (d), section eight of this article relating to credit carryback that were in effect on January 1, 1990, apply to any credit earned prior to the effective date of the amendments to that subsection, notwithstanding the fact that the taxpayer's taxable year does not end until a date on or after the effective date of the amendments to that subsection. The provisions of subsections (d) and (f), section eight of this article, as amended, prohibiting credit carryback and application of credit against interest, penalties and additions to tax apply to any credit earned on or after the effective date of the amendments to that subsection.
(b) The provisions of section twelve of this article relating to minimum investment time limitations that were in effect on January 1, 1990, apply to any capital base qualified prior to the effective date of the amendments to that subsection. The provisions of subsection (a), subsection (b), subsection (c), section twelve of this article, as amended, apply to any capital base qualified on a date on or after the effective date of the amendments to that section.
(c) The provisions of section twenty of this article relating to financial institutions are applicable to investments by financial institutions made on a date on or after the effective date of that section. Investments made on a date prior to the effective date of that section remain unaffected by the provisions of that section.
(d) The provisions of subsections (b) through (d), section thirteen of this article relating to investment restrictions are applicable to investments made on a date on or after the effective date of those subsections. Investments made on dates prior to the effective date of those subsections remain unaffected by the provisions of those subsections.
(e) As used in this section "amendments" means changes made in this article during the 1991 regular session of the Legislature.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-20. Limitation on Financial Institutions

Not more than forty-nine percent of the total capital base of any capital company which is not a small business investment company may be owned by banks, savings and loan associations, savings banks or other financial institutions, or any affiliate thereof, as investors. No officer, employee or director of any such financial institution may vote as a member of the board of any capital company formed under the provisions of this article if the matter being voted upon affects the financial institution for which the board member serves as an officer, employee or director.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-21. Confidentiality

(a) The authority shall, by the promulgation of rules, determine which records, reports, or information obtained from any person or entity under this article are to be treated by the agency as confidential and not subject to disclosure, except as hereinafter provided in subsection (c) of this section: Provided, That notwithstanding any other provision of law to the contrary, the authority shall make available to the public the name of any business or company receiving a qualified investment from a capital company and the name of the capital company so investing.
(b) Any other records, reports, or information obtained from any person or entity under this article shall be made available to the public, except that upon a showing at the time of submission, satisfactory to the authority, by any person or entity, that records, reports or information, or a particular part thereof, to which the authority or any officer, employee or representative thereof has or will have access under this section, if made public, would divulge information entitled to protection under Section 1905 of Title 18 of the United States Code as said section reads on December 20, 1990, such information or particular portion thereof is confidential in accordance with the purposes of this section. In submitting data under this article, a person required to provide such data may designate the data which he or she believes is entitled to protection under this subsection and submit such designated data separately from other data submitted under this article. A designation under this subsection shall be made in writing and in such manner as the authority may prescribe.
(c) Notwithstanding the foregoing provisions of this section, any record, report, document, or information may be disclosed to other officers, employees, or authorized representatives of this state charged with administering the provisions of this article and may be disclosed pursuant to proceeding under subsection (b), section sixteen of this article. Notwithstanding the previous sentence, and notwithstanding any provision of this article, the provisions of this code regarding confidentiality and the disclosure of tax returns and tax information, including specifically section five-d, article ten, chapter eleven of this code, apply to the authority, its agents and employees and to information submitted to the authority under this article.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-22. Decertification of Qualified Capital Companies Other Than Small Business Investment Companies

Notwithstanding any provision in this article to the contrary, the authority may not hereafter allocate credit to any applicant other than a small business investment company. Every qualified capital company that is not a small business investment company may no longer be considered a qualified capital company and shall, without any further action, be decertified. Each company that has been decertified in accordance with the provisions of this section is no longer subject to the provisions of this article. Nothing herein may be construed to limit an investor in a qualified capital company from applying credits previously allocated by the authority including unused credits carried forward pursuant to section eight of this article.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 1. West Virginia Capital Company Act › §5E-1-23. Elimination of Credit; Effective Date

Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article shall result from, and no tax credit shall be available to, any taxpayer for any investment in a West Virginia capital company made after December 31, 2006: Provided, That the provisions of this article shall continue to apply to the investments for which tax credits were authorized and allocated pursuant to the provisions of this article in effect prior to January 1, 2007.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 2. West Virginia Venture Capital Act › §5E-2-2. Definitions

As used in this article, the following terms have the meanings ascribed to them in this section, unless the context in which the term is used clearly requires another meaning or a specific different definition is provided:
(a) "Authority" means the West Virginia economic development authority, provided for in article fifteen, chapter thirty-one of this code.
(b) "State" means the State of West Virginia.
2023 West Virginia Code › Chapter 5E. Venture Capital Company › Article 2. West Virginia Venture Capital Act › §5E-2-5. Elimination of Credit; Effective Date

Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article shall result from, and no tax credit shall be available to, any taxpayer for any venture capital investment made after December 31, 2006: Provided, That the provisions of this article shall continue to apply to the investments for which tax credits were authorized and allocated pursuant to the provisions of this article in effect prior to January 1, 2007.
2023 West Virginia Code › Chapter 5F. Reorganization of the Executive Branch of State Government › Article 1. General Provisions › §5F-1-1. Legislative Findings and Declarations

(a) The Legislature hereby finds and declares that state government must be made more responsive to the citizens of the state; that the various agencies and boards responsible for the execution of the laws of this state must be improved; that more effective management of the executive branch of state government must be achieved; that the efficiency of the operations of the agencies and boards of state government must be increased; and that in view of the financial crisis facing the State of West Virginia, it is essential to compel a curtailment and reduction of governmental expenses and hold them within reasonable bounds consistent with the economical and efficient administration of governmental services and to ensure the strictest economy in the matter of governmental expenditures to the end that agencies and boards of government may not be compelled to abdicate their responsibilities or cease to function but that in carrying out their responsibilities they shall not place upon the public any expense which is not necessary. The Legislature further hereby finds and declares that in order to achieve these purposes, it is essential to reorganize the executive branch of state government so as to:
(1) Promote the execution of the laws, the more effective management of the executive branch and of its agencies, boards and functions, and the expeditious administration of the public business;
(2) Reduce expenditures and promote economy to the fullest extent consistent with the efficient operation of state government;
(3) Increase the efficiency of the operations of state government to the fullest extent practicable;
(4) Group, coordinate and consolidate agencies and functions of state government, as nearly as may be, according to purposes;
(5) Consolidate or combine those agencies having similar or complementary functions under a single head, and, after observing and analyzing the operation of such consolidated or combined agencies for a period of time, abolish by legislative act, where legislative action is required, such agencies or functions thereof as are determined not to be necessary or desirable for the efficient conduct of the state government;
(6) Eliminate duplication of effort;
(7) Provide for appropriate Legislative Oversight as mandated in the Constitution of this state; and
(8) Provide for a spirit of cooperation and unity between the executive and legislative branches in addressing and developing solutions to the problems facing the state.
(b) This chapter is enacted in view and because of the findings and declarations set forth in subsection (a) of this section and shall be construed in the light thereof.
2023 West Virginia Code › Chapter 5F. Reorganization of the Executive Branch of State Government › Article 1. General Provisions › §5F-1-2. Executive Departments Created

(a) There are created, within the executive branch of the state government, the following departments:
(1) Department of Administration;
(2) Department of Environmental Protection;
(3) Department of Health and Human Resources:
Provided
, That the Department of Health and Human Resources is terminated beginning January 1, 2024;
(4) Department of Homeland Security;
(5) Department of Revenue;
(6) Department of Transportation;
(7) Department of Commerce;
(8) Department of Veterans' Assistance;
(9) Department of Economic Development;
(10) Department of Tourism;
(11) Beginning January 1, 2024, the following:
(A) Department of Human Services; and
(B) Department of Health; and
(C) Department of Health Facilities.
(b) Each department will be headed by a secretary appointed by the Governor with the advice and consent of the Senate. Each secretary serves at the will and pleasure of the Governor.
2023 West Virginia Code › Chapter 5F. Reorganization of the Executive Branch of State Government › Article 1. General Provisions › §5F-1-3. Oath; Bond; Compensation

(a) Each person appointed to serve as a secretary shall take the oath or affirmation prescribed by section five, article four of the Constitution, and the oath shall be certified by the person who administers the same and filed in the office of the Secretary of State.
(b) Each person appointed shall give bond in the penalty of $25,000 conditioned for the faithful performance of the duties of the office. The bond shall be approved by the Attorney General as to form and by the Governor as to sufficiency. The surety of the bond may be a bonding or surety company, in which case the premium shall be paid out of the appropriation made for the administration of the department.
2023 West Virginia Code › Chapter 5F. Reorganization of the Executive Branch of State Government › Article 1. General Provisions › §5F-1-4. Definitions

(a) As used in this chapter, unless the context clearly requires a different meaning:
(1) "Administrator" means any person who fills a statutorily created position within or related to an agency or board (other than a board member) and who is designated by statute as commissioner, deputy commissioner, assistant commissioner, director, chancellor, chief, executive director, executive secretary, superintendent, deputy superintendent, or other administrative title, however designated;
(2) "Agency" means any department, division, fund, office, position, system, survey or other entity of state government, however designated, transferred to and incorporated in one of the departments created in section two of this article;
(3) "Board" means any board, commission, authority, council, or other body, however designated, consisting of two or more members, transferred to and incorporated in one of the departments created in section two of this article;
(4) "Code" means the Code of West Virginia, 1931, as heretofore and hereafter amended; and
(5) "Secretary" means the administrative head of one of the departments created in section two of this article.
(b) Although each term defined in subsection (a) of this section is in the singular, the plural of any term shall have the same meaning.