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Enrolled Version - Final Version House Bill 3125 History

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hb3125 enr

H. B. 3125

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

[By Request of the Executive]

[Passed April 9, 2005; in effect ninety days from passage]

AN ACT to amend and reenact §11-13J-12 of the Code of West Virginia, 1931, as amended, relating to 'The Neighborhood Investment Program Act'; requiring an independent review of the Neighborhood Investment Program every two years; and extending the termination date of the act.

Be it enacted by the Legislature of West Virginia:
That §11-13J-12 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
§11-13J-12. Program evaluation; expiration of credit; preservation of entitlement.

Beginning on the fifteenth day of December, two thousand five, and every second year thereafter. the Director shall secure an independent review of the neighborhood investment program created by this article and present the findings to the Joint Committee on Government and Finance. Unless sooner terminated by law, the Neighborhood Investment Program Act shall terminate on the first day of July, two thousand eight. No entitlement to the tax credit under this article shall result from any contribution made to any certified project after the first day of July, two thousand eight, and no credit shall be available to any taxpayer for any contribution made after that date. Taxpayers which have gained entitlement to the credit pursuant to eligible contributions made to certified projects prior to the first day of July, two thousand eight, shall retain that entitlement and apply the credit in due course pursuant to the requirements and limitations of this article.
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