H. B. 2352
(By Delegates Caputo, Longstreth and Manchin)
[Introduced January 12, 2011; referred to the
Committee on Finance.]
A BILL to amend and reenact §11-6D-7 of the Code of West Virginia, 1931, as amended, relating to extending the alternative-fuel motor vehicles tax credit for ten years and making the credit retroactive from the expiration date of the initial credit.
Be it enacted by the Legislature of West Virginia:
That §11-6D-7 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 6D. ALTERNATIVE-FUEL MOTOR VEHICLES TAX CREDIT.
§11-6D-7. Duration of availability of credit.
The tax credit provided in this article shall expire by operation of law ten twenty years after the initial effective date of this article: Provided, That any eligible taxpayer who makes a valid claim for the credit before that expiration is entitled to claim and receive the remaining one-third increment or increments of the total credit allowed under section five of this article for the tax year or years ensuing after the expiration of this article until the total amount of credit allowed has been exhausted: Provided, however, That the amendments to this section enacted in the year 2011 are retroactive to the expiration date of the tax credit in the year 2009.
NOTE: The purpose of this bill is to extend the alternative-fuel motor vehicles tax credit for ten years and to make the credit retroactive from the expiration date of the initial credit.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.