Senate Bill No. 461
(By Senator Craigo)
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[Introduced March 22, 1993; referred to the Committee
on Finance.]
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A BILL to amend article thirteen-c, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
fifteen, relating to the business investment and jobs
expansion credit; barring new certifications of projects and
credits; and ending the program.
Be it enacted by the Legislature of West Virginia:
That article thirteen-c, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
fifteen, to read as follows:
ARTICLE 13C. BUSINESS INVESTMENT AND JOBS EXPANSION CREDIT.
§11-13C-15. Phase out and termination of article.
(a) On and after the first day of July, one thousand nine
hundred ninety-three, the tax commissioner may not qualify any
new projects under the provisions of section four-b of this
article, nor may any new tax credits be taken under theprovisions of this article.
(b) When all existing tax credits authorized under this
article have been used or expired and all other activities
required by this article have been completed, the provisions of
this article are terminated and shall be of no further effect.
NOTE: The purpose of this bill is to prevent any new
activities under the business investment and jobs expansion
credit after July 1, one thousand nine hundred ninety-three, and
to terminate the act after already approved activities have
ceased.
This section is new; therefore, strike-throughs and
underscoring have been omitted.