(a) Effective for taxable years beginning July 1, 1997, notwithstanding any provisions of this code to the contrary, any new corporation engaged solely in the production of value-added products from raw agricultural products are allowed a credit, in the amount of $1,000 for each taxable year against the tax imposed by this article, for a period of five years from the date the person becomes subject to this article. The credit is allowed only against the tax on taxable income which is attributable to the production of value-added products.
(b) Effective for taxable years beginning July 1, 1997, any new corporation engaged solely in the production of value-added products in West Virginia is allowed a tax credit, according to the schedule herein, for every one hour spent by a new permanent, full-time employee training to learn a skill specific to the production of value-added products as defined in article twenty-one, chapter thirty-one of this code. The tax credit is allowed for a maximum of sixty hours, per company, per year.
(c) For purposes of this section, tax credits for hours spent by a new permanent, full-time employee in training is allowed as follows:
(1) Corporations which employ up to five new employees is allowed a tax credit of $2 for every one hour spent by a new employee in training as specified herein;