COMMITTEE SUBSTITUTE

FOR

H. B. 203

(By Mr. Speaker, Mr. Kiss, and Delegate Trump)

[By Request of the Executive]


(Originating in the Committee on Finance)


[November 10, 2006]


A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §5E-1-23; and to further amend said code by adding thereto a new section, designated §5E-2-5, all relating to terminating authorization for certain tax credits for investment in capital companies and venture capital companies made after December 31, 2006.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §5E-1-23; and that said code be further amended by adding thereto a new section, designated §5E-2-5, all to read as follows:
ARTICLE 1. WEST VIRGINIA CAPITAL COMPANY ACT.
§5E-1-23. Elimination of credit; effective date.
Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article shall result from, and no tax credit shall be available to, any taxpayer for any investment in a West Virginia capital company made after the thirty-first day of December, two thousand six: Provided, That the provisions of this article shall continue to apply to the investments for which tax credits were authorized and allocated pursuant to the provisions of this article in effect prior to the first day of January, two thousand seven.
ARTICLE 2. WEST VIRGINIA VENTURE CAPITAL ACT.
§5E-2-5. Elimination of credit; effective date.
Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article shall result from, and no tax credit shall be available to, any taxpayer for any venture capital investment made after the thirty-first day of December, two thousand six: Provided, That the provisions of this article shall continue to apply to the investments for which tax credits were authorized and allocated pursuant to the provisions of this article in effect prior to the first day of January, two thousand seven.