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Introduced Version House Bill 4688 History

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Key: Green = existing Code. Red = new code to be enacted
H. B. 4688


(By Delegates J. Miller, Sobonya, Blair,
Andes and C. Miller)

[Introduced February 18, 2008; referred to the
Committee on Finance.]



A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-24-9d, relating to establishing a corporate tax credit up to fifty percent of the corporation's net income tax for contributions to scholarship funds.

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 §11-24-9d, to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-9d. Scholarship Fund Credit.
(a) A credit shall be allowed under the provisions of this section against the primary tax imposed by this article to eligible taxpayers who contribute to scholarship funds beginning after the thirty-first day of December, two thousand eight
: Provided, That the amount of this credit may not reduce by more than fifty percent of the net tax liability of the taxpayer for the taxable year.


NOTE: The purpose of this bill is to provide a tax credit to corporations of up to fifty percent of their primary tax liability for contributing to scholarship funds.

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

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