Senate Bill No. 282
(By Senators Schoonover and Love)
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[Introduced March 11, 1997; referred to the Committee
on Finance.]
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A BILL to amend article twenty-three, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
seventeen-b, relating to providing a tax credit for certain
expenditures to upgrade county or state roads under the
review, supervision, inspection and approval of the division
of highways.
Be it enacted by the Legislature of West Virginia:
That article twenty-three, 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
seventeen-b, to read as follows:
ARTICLE 23. BUSINESS FRANCHISE TAX.
§11-23-17b. Tax credit for upgrade of county or state roads under the review, supervision, inspection, and approval of the division of highways.
(a) In general. -- A credit shall be allowed against the tax
imposed by this article equal to fifty percent of moneys expended
by a taxpayer to upgrade county or state roads with or without an
outside contractor, under the review, supervision, inspection and
approval of the division of highways.
(b) Review, supervision, inspection and approval of division
of highways. -- In order to qualify for the credit provided in
this section, the construction must be reviewed, supervised and
inspected by the division of highways, and moneys expended by the
taxpayer must be approved by the division of highways.
(c) Application of credit. -- The credit determined under
subsection (a) of this section shallmay not reduce the franchise tax
under this article, for the taxable year, below fifty percent of
the amount which would be imposed for the taxable year in the
absence of this credit against the tax, computed after
application of other allowable credits. Any credit allowable by
this section, which is not used on a taxpayer's annual return for
the year in which its expenditures to upgrade county or state
roads are approved by the division of highways, may be carried
forward to each ensuing tax year until used, subject to the
limitations contained in this subsection.
(d) Effective date. -- The provisions of this section shall
apply to all taxable years beginning on or after the first day of
January, one thousand nine hundred ninety-seven.
NOTE: The purpose of this bill is to provide taxpayers a
credit against the franchise tax equal to 50% of expenditures
made to upgrade county or state roads under the review,
inspection and approval of the division of highways.
This section is new; therefore, strike-throughs and
underscoring have been omitted.