H. B. 2165
(By Delegates Marcum, H. White, J. Nelson, R. Phillips, Lynch
Campbell, Byrd, Moye, Butler, Faircloth and Hartman)
[Introduced January 21, 2015; referred to the
Committee on Small Business, Entrepreneurship and Economic Development then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-24-22b, relating to creating a tax credit for certain businesses with more than twenty-five employees that relocate to reclaimed mountaintop removal land; providing that the credit lasts for ten years; and providing rule-making authority.
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 §11-24-22b, to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-22b. Tax credit for businesses relocated to reclaimed mountaintop removal land.
(a) Effective for taxable years beginning July 1, 2015, notwithstanding any provisions of this code to the contrary, any business with more than twenty-five employees that relocated to reclaimed mountaintop removal land is allowed a credit against the tax imposed by this article for a period of ten years.
(b) The Tax Commissioner may propose rules for promulgation in accordance with article three, chapter twenty-nine-a of this code as necessary to effectuate the purposes of this article.
NOTE: The purpose of this bill is to creating a tax credit for certain businesses with more than twenty-five employees that relocate to reclaimed mountaintop removal land. The bill provides that the credit lasts for ten years.
This section is new; therefore, it has been completely underscored.