§11-13HH-1. Short Title

This article shall be known and cited as the “West Virginia Natural Gas Liquids Property Tax Adjustment Act.”

§11-13HH-10. Rule-Making

In order to effectuate the purposes of this article, the Tax Commissioner may promulgate legislative rules, including emergency rules, in accordance with 29A-3-1 et seq. of this code.

§11-13HH-2. Definitions

(a) General. When used in this article, or in the administration of this article, terms defined in subsection (b) of this section have the meanings ascribed to them by this section unless a different meaning is clearly required by the context in which the term is used. (b) Terms defined. “Affiliate” means and includes: (A) […]

§11-13HH-3. Eligibility for Tax Credits; Creation of the Credit

There shall be allowed to every eligible taxpayer a credit against the taxes imposed under 11-21-1 et seq. or 11-24-1 et seq. of this code, as determined under this article.

§11-13HH-4. Amount of Credit Allowed

(a) Credit allowed. Eligible taxpayers are allowed a credit against the tax imposed under 11-21-1 et seq. or 11-24-1 et seq. of this code, the application of which and the amount of which shall be determined as provided in this article. (b) Amount of credit. The amount of credit allowed to the eligible taxpayer is […]

§11-13HH-5. Application of Annual Credit Allowance

(a) Application of credit against personal income tax or corporate net income tax. The amount of the credit shall be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by 11-21-1 et seq. or 11-24-1 et seq. of this code. (b) Carry forward credit allowed. Any credit remaining after […]

§11-13HH-6. Availability of Credit to Successors

(a) Transfer or sale of assets. (1) Where there has been a transfer or sale of the business assets of an eligible taxpayer to a successor which subsequent to the transfer constitutes an eligible taxpayer as defined in this article and which remains subject to the taxes prescribed under 11-21-1 et seq. or 11-24-1 et […]

§11-13HH-7. Credit Recapture; Interest; Penalties; Additions to Tax; Statute of Limitations

(a) If it appears upon audit or otherwise that any person or entity has taken the credit against tax allowed under this article and was not entitled to take the credit, then the credit improperly taken under this article shall be recaptured. Amended returns shall be filed for any tax year for which the credit […]

§11-13HH-8. Report on Credit

(a) The Tax Commissioner shall provide to the Joint Committee on Government and Finance by July 1, 2022, and on July 1, of each year thereafter, a report detailing the amount of credit claimed pursuant to this article. The report is to include the amount of credit claimed against the personal income tax and the […]

§11-13HH-9. Effective Date and Expiration Date

(a) This article shall be effective for corporate net income tax years and personal income tax years beginning on or after July 1, 2020. (b) This article shall expire and have no further force or effect for all tax years which begin on or after July 1, 2030, and all accrued but unused credits shall […]