H. B. 2485
(By Delegates J. Miller, Sobonya, Andes
and C. Miller)
[Introduced January 14, 2011; referred to the
Committee on Education then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-24-9d, relating to establishing a corporate tax credit up to fifty percent of the corporation’s net income tax for contributions to scholarship funds.
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 §11-24-9d, to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-9d. Scholarship Fund Credit.
A credit is allowed against the net tax liability imposed by this article to eligible taxpayers who contribute to scholarship funds beginning after December 31, 2010. The amount of the scholarship fund credit may not exceed fifty percent of the net tax liability of the taxpayer imposed by this article for the taxable year.
NOTE: The purpose of this bill is to provide a tax credit to corporations of up to fifty percent of their primary tax liability for contributing to scholarship funds.
This section is new; therefore, it has been completely underscored.