H. B. 2721


(By Mr. Speaker, Mr. Kiss)
[Introduced February 10, 1999; referred to the
Committee on Finance.]




A BILL to amend and reenact section twenty-three-f, article twenty-four, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, relating to continuation of the tax credit for qualified historic rehabilitated buildings investment.

Be it enacted by the Legislature of West Virginia:
That section twenty-three-f, article twenty-four, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.

§11-24-23f. Credit allowed for specific taxable years.
Subject to the provisions of section twenty-three-e of this article, any qualified rehabilitation expenditures the credit authorized in section twenty-three-a of this article, for investment in a rehabilitated building made by a taxpayer in the any taxable year beginning on the first day of January nineteen one thousand nine hundred and ninety-five, and thereafter, shall be allowed against the tax imposed by this article in the applicable taxable year. beginning on the first day of January nineteen hundred and ninety-six The tax commissioner shall require disclosure of information regarding the credits allowed in section twenty-three-a of this article in accordance with the provisions of section five-s, article ten of this chapter.




NOTE: The purpose of this bill is to retroactively continue the tax credit for qualified historic rehabilitated buildings investment for years starting in 1995.

Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.