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Introduced Version Senate Bill 609 History

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sb609 intr
Senate Bill No. 609

(By Senators Tomblin, Mr. President, and Sprouse,

By Request of the Executive)

____________

[Introduced March 21, 2005; referred to the Committee

on Finance.]

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A BILL to amend and reenact §11-13J-12 of the Code of West Virginia, 1931, as amended, relating to the Neighborhood Investment Program Act; requiring a biannual independent review of the Neighborhood Investment Program; 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:
ARTICLE 13J. NEIGHBORHOOD INVESTMENT PROGRAM.
§11-13J-12. Program evaluation; expiration of credit; preservation of entitlement.

Annually Biannually, on or before the fifteenth day of July, and on or before the fifteenth day of December, 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 five 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 five 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 five eight, shall retain that entitlement and apply the credit in due course pursuant to the requirements and limitations of this article.


NOTE: The purpose of this bill is to provide for biannual independent review of the Neighborhood Investment Program and to extend the program until July 1, 2008.

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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