HB4421 H ENG AMT

Akers 3254

The Committee on Energy moves to amend the bill by striking out the title and substituting therefore a new title, to read as follows:

H.B. 4421 - “A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §5B-2J-1 and §5B-2J-2; and to amend said code by adding thereto a new article, designated §11-13FF-1, §11-13FF-2, §11-13FF-3, §11-13FF-4, §11-13FF-5, §11-13FF-6, §11-13FF-7, §11-13FF-8, and §11-13FF-9, all relating to the creation of the Natural Gas Liquids Economic Development Act and the West Virginia Natural Gas Liquids Property Tax Adjustment Act; providing a short titles; making legislative findings and declarations; defining terms; providing a tax credit for the transportation and storage of natural gas liquids for eligible taxpayers; establishing eligibility requirements; defining the amount of the tax credit as being the amount paid yearly in West Virginia ad valorem property tax on inventory and equipment by an eligible taxpayer; providing for the application of the tax credit to personal income taxes and the corporate net income taxes; providing for the carrying forward and expiration of unused credits; providing for successors and transfers of the tax credit under certain conditions; providing for recapture of tax credits, interest, penalties, and additional taxes under certain conditions; providing a statute of limitations regarding tax filings with the tax credit; providing for reporting to the Legislature on the tax credits applied; authorizing the Tax Commissioner to promulgate rules; and providing for an effective date.”

Adopted

Rejected