§11-13BB-1. Short Title
This article may be cited as the "West Virginia Innovative Mine Safety Technology Tax Credit Act".
§11-13BB-10. Failure to Keep Records of Certified Eligible Safety Property
A taxpayer who does not keep the records required for certified eligible safety property and the credit authorized under this article, is subject to the following rules: (1) A taxpayer is treated as having disposed of, during the taxable year, any certified eligible safety property which the taxpayer cannot establish was still on hand and […]
§11-13BB-11. Tax Credit Review and Accountability
(a) Beginning on August 1, 2012, and August 1 of every year thereafter, the Tax Commissioner shall submit to the Governor, the President of the Senate and the Speaker of the House of Delegates a tax credit review and accountability report evaluating the cost of the credit allowed under this article during the most recent […]
§11-13BB-12. Disclosure of Tax Credits
Notwithstanding section five-d, article ten of this chapter or any other provision in this code to the contrary, the Tax Commissioner shall annually publish in the State Register the name and address of every eligible taxpayer and the amount of any tax credit asserted under this article.
§11-13BB-13. Rules
The Tax Commissioner and the Office of Miners' Health, Safety and Training may each promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration […]
§11-13BB-14. Termination
The tax credit authorized in this article shall terminate December 31, 2025.
§11-13BB-2. Legislative Findings and Purpose
The Legislature finds that the encouragement of new investment in innovative coal mine safety technology in this state is in the public interest and promotes the general welfare of the people of this state.
§11-13BB-3. Definitions
(a) Any term used in this article has the meaning ascribed by this section unless a different meaning is clearly required by the context of its use or by definition in this article. (b) For purposes of this article, the term: (1) “Certified eligible safety property” means eligible safety property in which an eligible taxpayer […]
§11-13BB-4. List of Approved Innovative Mine Safety Technology
(a) List of approved innovative mine safety technology. -( The Board of Coal Mine Health and Safety, established in section two, article eleven, chapter twenty-two-a of this code, shall annually compile a proposed list of approved innovative mine safety technologies as required by subsection (g), section three, article eleven, chapter twenty-two-a of this code. The […]
§11-13BB-5. Amount of Credit Allowed
(a) Credit allowed -– For tax years beginning after December 31, 2011, there is allowed to eligible taxpayers a credit against the taxes imposed by articles twenty-three and twenty-four of this chapter. The amount of credit shall be determined as provided in this section. (b) Amount of credit allowable. — The amount of allowable credit […]
§11-13BB-6. Qualified Investment
(a) General. -– The qualified investment is one hundred percent of the cost for eligible safety property pursuant to a qualified purchase, which is placed in service or use in this state by the eligible taxpayer during the tax year. (b) Placed in service or use.– For purposes of the credit allowed by this article, […]
§11-13BB-7. Forfeiture of Unused Tax Credits
Disposition of property or cessation of use. — If during any taxable year, property with respect to which a tax credit has been allowed under this article: (1) Is disposed of prior to the end of the fourth tax year subsequent to the end of the tax year in which the property was placed in […]
§11-13BB-8. Transfer of Certified Eligible Safety Property to Successors
(a) Mere change in form of business. -– Certified eligible safety property may not be treated as disposed of under section seven of this article, by reason of a mere change in the form of conducting the business as long as the certified eligible safety property is retained in a business in this state for […]
§11-13BB-9. Identification of Investment Credit Property
Every taxpayer who claims credit under this article shall maintain sufficient records to establish the following facts for each item of certified eligible safety property: (1) Its identity;