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Introduced Version House Bill 2777 History

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hb2777 intr
H. B. 2777


(By Mr. Speaker, Mr. Kiss and Delegate Boggs)

[Introduced March 1, 2005 ; referred to the

Committee on Industry and Labor, Economic Development and Small Business then Finance.]





A BILL to amend and reenact §18B-13-4 of the Code of West Virginia, 1931, as amended, relating to technical changes concerning the High-Tech research zones, parks and technology centers and tax incentives relating thereto.

Be it enacted by the Legislature of West Virginia:

That §18B-13-4 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 13. HIGHER EDUCATION -- INDUSTRY PARTNERSHIPS.

§18B-13-4. High-Tech research zones, parks and technology centers; tax incentives.

(a) The state development council shall work with the county commissions, the municipalities and local development authorities where State Colleges and Universities are located and shall develop a grant plan and program for the establishment and operation of qualifying High-Tech 2000 research zones, parks and technology centers on or near the campuses of selected Universities and colleges to attract local business and industry engaged in science and technology related research and development.
The state development council shall coordinate the development of such plan and grant program, which shall include qualifications for eligible that are to be met in order to receive approval by the council as a research zone, park or technology center or as a qualified business. High-Tech 2000 research zones, parks and research centers and which Those qualifications shall require a minimum partnership commitment from one or more qualified businesses in the private sector either in the construction, operation or location of the research zone, park or technology center. The council shall designate the particular geographical area comprising the research zone, park or technology center. research parks or zones or technology centers; and the
The West Virginia Economic Development Authority is authorized shall have authority to enter into agreements with State Institutions of Higher Education, private developers or other interested businesses or persons to acquire, finance, construct, operate, own, lease or otherwise manage any research zone, park or zone technology center and to collect rentals or other forms of payment for the operation of the research zones, parks or zones or technology centers.
The West Virginia Economic Development Authority is hereby authorized either singularly singly or in conjunction with any county commission, municipality or local Development Authority, to issue special High-Tech 2000 bonds for the purpose of this section, including, but not limited to, special project revenue bonds and special user bonds limited to the actual cost of construction and start-up of any qualifying and approved research park or zone zones, parks or technology centers, and improvements necessary thereto, pursuant to article twelve-b, chapter eighteen of this code.
(b) Notwithstanding any other provision of this code article to the contrary no exemption, credit or deferral under this subsection is available after the thirty-first day of December, two thousand three. relating to any other exemptions or credits to which any business may be entitled under this code, the The following exemptions tax incentives in subsection (c), rather than those in this subsection shall only apply to an approved qualified business participating in the construction, operation or location of a qualified, approved High-Tech 2000 research park or zone zone, park or technology center approved after the thirty-first day of December, two thousand three:
(1) The enterprise zone tax exemptions as provided in section five, article two-b, chapter five-b of this code prior to their repeal in one thousand nine hundred ninety seven;
(2) A tax credit for qualified business, in the amount of the workers' compensation premium paid in accordance with article two, chapter twenty-three of this code, which credit shall be credited against any corporate net income tax or personal income tax of the qualified business or liability of the owners of the qualified business which is a proprietorship or a partnership;
(3) The deferral for qualified business of all state corporate net income tax, business and occupation tax, telecommunications tax, severance tax, business franchise tax or other state income tax liability for the start-up period of the business not to exceed three years, and qualified business shall be entitled to an exemption from any such deferred tax if such business both employs at least seven persons on a full-time basis as of the due date of the deferred tax liability, and the qualified business maintains an average employment of at least seven full-time employees over the last two years of the three year start-up period.
Notwithstanding any other provision herein to the contrary, the amount of total credits and deferrals allowable under this section or section five, article two-b, chapter five-b of this code, shall not exceed two and one-half million dollars in any one fiscal year for all eligible businesses: Provided, That the credits allowed by this section are nonrefundable so that a taxpayer shall not claim a total credit amount that reduces the taxpayer's tax liability to less than zero.
(c) For taxable years beginning on and after the first day of January, two thousand five, any qualified business approved by the council on or after the first day of January, two thousand four, shall be deemed to be: (1) A business eligible for economic opportunity tax credit entitlement pursuant to section nineteen, article thirteen-q, chapter eleven of the code, and entitled to the twenty percent new jobs percentage under section nine of that article if it creates at least seven new jobs in a research zone, park or technology center; (2) an eligible taxpayer for purposes of the strategic research and development credit provided under article thirteen-r, chapter eleven of the code; (3) an industrial taxpayer for purposes of the manufacturing investment tax provided under article thirteen-s, chapter eleven of the code, if it is primarily engaged in manufacturing related to research and development; and (4) entitled to priority for approval of refundable credit for the small qualified research and development company credit under section six, article thirteen-r, chapter eleven of the code ahead of eligible taxpayers that are not qualified businesses under subsection (d) of this section: Provided, That the qualified business otherwise meets the requirements for those credits.
(d) As used in this article:
(1) "West Virginia State Development Council," "State Development Council" and "Council" mean the Council for Community and Community and Economic Development created under article five, chapter five-b of this code.
(2) "Qualified business" means a business registered to do business in this State which is engaged in science and technology-related "manufacturing" (as defined in section three, article thirteen-s, chapter eleven of this code) or science and technology-related "Research and Development" (as defined in section three, article thirteen-q, or section three, article thirteen-r, chapter eleven of this code) within a research zone, park or technology center.




NOTE: The purpose of this bill is to make technical changes concerning High-Tech research zones, parks and technology centers and tax incentives relating thereto.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
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