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Introduced Version House Bill 2862 History

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H. B. 2862

 

         (By Delegates Walters, Nelson, Stowers,

Lane, T. Campbell, Hartman,

                        Reynolds and Cann)

         [Introduced January 11, 2012

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; referred to the

         Committee on Finance.]

 

 

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.

Be it enacted by the Legislature of West Virginia:

    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:

ARTICLE 13C. BUSINESS INVESTMENT AND JOBS EXPANSION TAX CREDIT.

§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.

ARTICLE 24. CORPORATION NET INCOME TAX.

§11-24-9d. 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 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.


    These sections are new; therefore, they have been completely underscored.

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