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Enrolled Version - Final Version House Bill 4628 History

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hb4628 ENR
ENROLLED

H. B. 4628


(By Delegates White, Boggs, Kominar

and Campbell,(By Request))


[Passed March 6, 2008; in effect January 1, 2009.]



AN ACT to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-13Q-22, relating to providing a tax credit for new job creation by certain taxpayers.

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 §11-13Q-22, to read as follows:

ARTICLE 13Q. ECONOMIC OPPORTUNITY TAX CREDIT.

§11-13Q-22. Credit available for taxpayers which do not satisfy the new jobs percentage requirement.

(a) Notwithstanding any provision of this article to the contrary, a taxpayer engaged in one or more of the industries or business activities specified in section nineteen of this article which does not satisfy the new jobs percentage requirement prescribed in subsection (c), section nine, of this article, or if the taxpayer is a small business as defined in section ten of this article, does not create at least ten new jobs within twelve months after placing qualified investment into service as required by section ten of this article, but which otherwise fulfills the requirements prescribed in this article, is permitted to claim a credit against the taxes specified in section seven of this article in the order so specified that are attributable to and the consequence of the taxpayer's business operations in this state, which result in the creation of net new jobs. Credit under this section is allowed in the amount of three thousand dollars per year, per new job created and filled by a new employee; as those terms are defined in section three of this article for a period of five consecutive years beginning in the tax year when the new employee is first hired. In no case may the number of new employees determined for purposes of this section exceed the total net increase in the taxpayer's employment in this state. Credit allowed under this section shall be allowed beginning in the tax year when the new employee is first hired: Provided, That each new job:
(1) Pays at least thirty-two thousand dollars annually;
(2) Provides health insurance and may offer benefits including child care, retirement or other benefits; and
(3) Is a full-time, permanent position, as those terms are defined in section three, of this article.
Jobs that pay less than thirty-two thousand dollars annually, or that pay that salary but do not also provide benefits in addition to the salary, do not qualify for the credit authorized by this section. Jobs that are less than full-time, permanent positions do not qualify for the credit authorized by this section.
(b) Unused credit remaining in any tax year after application against the taxes specified in section seven of this article is forfeited and does not carry forward to any succeeding tax year and does not carry back to a prior tax year.
(c) The tax credit authorized by this section may be taken in addition to any credits allowable under articles thirteen-c, thirteen-d, thirteen-e, thirteen-f, thirteen-g, thirteen-j, thirteen-r or thirteen-s of this chapter.
(d) Reduction in number of employees credit forfeiture -- If during the year when a new job was created for which credit was granted under this section or during any of the next succeeding four tax years thereafter, net jobs that are attributable to and the consequence of the taxpayer's business operations in this state, decrease, counting both new jobs for which credit was granted under this section and preexisting jobs, then the total amount of credit to which the taxpayer is entitled under this section shall be decreased and forfeited in the amount of three thousand dollars for each net job lost.


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