H. B. 3125
(By Delegate Walters)
[Introduced March 13, 2009; referred to the
Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-20a, relating
to credit for sale of stock in a West Virginia corporation.
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 §11-21-20a to read as
follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-20a. Credit for sale of stock in a West Virginia
corporation.
(a) A resident shall be allowed a credit against his or her
personal income tax liability otherwise due under this article for
the sale of stock in a corporation which has its principle place of
business in West Virginia.
(b) The credit under this section shall not exceed the individual's total income tax liability.
(c) The credit under this section may spread over the course
of two years from the time of sale of the stock.
NOTE: The purpose of this bill is to provide a West Virginia
citizen with a tax credit against his or her income tax for the
sale of stock in a corporation located within West Virginia.
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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