H. B. 4519


(By Delegates McGraw, Whitman, Dempsey, Hendricks,
Ellis, Yeager and Preece)

[Introduced February 18, 1994; referred to the
Committee on Finance.]



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 sixteen, relating to requiring the secretary of tax and revenue to undertake an audit of the tax credits available to businesses and companies and to report the results of the audit along with the amount of tax credits available to each eligible company or business for each year.
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 sixteen, to read as follows:
ARTICLE 13C. BUSINESS INVESTMENT AND JOBS EXPANSION CREDIT.

§ 11 - 13C - 16. Secretary to report to the Legislature on compliance and cost of the tax credit program.

The secretary of tax and revenue is hereby directed to undertake an audit of the tax credits available under the provisions of this article, article thirteen-d and article thirteen-e to determine the annual amounts of tax credits granted to each eligible business or company. In addition, the secretary shall identify and describe the types of credits available to each company currently in compliance with the tax credit provisions of these articles.

The secretary shall report the results of the audit, along with the amounts of tax credits received by each company or business receiving a credit for each year the company or business has participated in the program, to the Legislature no later than the first day of January, one thousand nine hundred ninety-five.



NOTE: The purpose of this bill is to require the Secretary of Tax and Revenue to undertake an audit of the tax credits available to businesses and companies and to report the results of the audit along with the amount of tax credits available to each eligible company or business for each year of eligibility.

This section is new; therefore, strike-throughs and underscoring have been omitted.