WEST virginia legislature
2021 regular session
Committee Substitute
for
House Bill 2794
By Delegate Storch
[Originating in the Committee on Finance; reported March 11, 2021]
A BILL to amend and reenact §11-13J-12 of the Code of West Virginia, 1931, as amended, all relating to extending the duration of the Neighborhood Investment Program until July 1, 2026.
Be it enacted by the Legislature of West Virginia:
ARTICLE 13J. NEIGHBORHOOD INVESTMENT PROGRAM.
§11-13J-12. Program evaluation; expiration of credit; preservation of entitlement.
Beginning on December 15,
2005, and every third year thereafter, the director shall secure an independent
review of the Neighborhood Investment Program created by this article and
present the findings to the Joint Committee on Government and Finance. Unless
sooner terminated by law, the Neighborhood Investment Program Act terminates on
July 1, 2021 2026. There is no entitlement to the tax credit
under this article for a contribution made to a certified project after July 1,
2021 2026, and no credit is available to any taxpayer for any
contribution made after that date. Taxpayers which have gained entitlement to
the credit pursuant to eligible contributions made to certified projects prior
to July 1, 2021 2026, shall retain that entitlement and apply the
credit in due course pursuant to the requirements and limitations of this
article.
NOTE: The purpose of this bill is to extend the Neighborhood Investment Program Act to July 1, 2026.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.