H. B. 2514
(By Mr. Speaker (Mr. Thompson) and Delegate Armstead)
[By Request of the Executive]
[Passed April 12, 2013; in effect ninety days from passage.]
AN ACT to amend and reenact §11-13X-5 of the Code of West Virginia, 1931, as amended, relating to lowering the total amount of tax credits available in a given fiscal year under the Film Industry Investment Act.
Be it enacted by the Legislature of West Virginia:
That §11-13X-5 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 13X. WEST VIRGINIA FILM INDUSTRY INVESTMENT ACT.
§11-13X-5. Amount of credit allowed; limitation of the credits.
(a) Base allowance. --
The amount of credit allowed to every eligible company, except as provided in subsection (b) of this section, is twenty-seven percent.
(b) Extra allowance for hiring of local workers. -- Any amount allowed in subsection (a) of this section shall be increased by an additional four percent if the eligible company, or its authorized payroll service company, employs ten or more West Virginia residents as part of its full-time employees working in the state or as apprentices working in the state.
(c) Application of the credits. -- The tax credit allowed under this section shall be applied to the eligible company's state tax liability as provided in section seven of this article.
(d) Limitation of the credits. -- No more than $5 million of the tax credits may be allocated by the film office in any given West Virginia state fiscal year. The film office shall allocate the tax credits in the order the applications therefor are received.