H. B. 4148

         (By Mr. Speaker, (Mr. Miley) and Delegate Armstead)

         [By Request of the Executive]

         [Introduced January 14, 2014; referred to the

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

A BILL to amend and reenact the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13R-13, relating to expiration of the Strategic Research and Development Tax Credit.

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 §11-13R-13, to read as follows:

ARTICLE 13R. STRATEGIC RESEARCH AND DEVELOPMENT TAX CREDIT.

§11-13R-13. Expiration of tax credit.

    The Strategic Research and Development Tax Credit Act terminates on January 1, 2014, and no credit is available to any taxpayer for any qualified investment or expenditure made on or after that date. Taxpayers which have gained entitlement to the credit pursuant to qualified investment or expenditure prior to January 1, 2014, retain that entitlement and may apply the credit pursuant to the requirements and limitations of this article.

    NOTE: The purpose of this bill is to repeal the Strategic Research and Development Tax Credit.

    This section is new; therefore, it has been completely underscored.