§11-13Q-1. Short Title
This article may be cited as the "West Virginia Economic Opportunity Tax Credit Act".
§11-13Q-10. Credit for Small Business
(a) Small business defined. For purposes of this section, the term “small business” means a business which has annual gross receipts of not more than $7 million (including the gross receipts of any affiliates in its controlled group): Provided, That beginning January 1, 2004, and on January 1 of each year thereafter, the commissioner shall […]
§11-13Q-10a. Credit Allowed for Specified High Technology Manufacturers
(a) High technology manufacturing business defined. For purposes of this section, the term “high technology manufacturing business” means and is limited to only those businesses engaged in a business enumerated in subdivision (1) of this subsection: Provided, That for tax years beginning on and after January 1, 2022, the term “high technology manufacturing business” means […]
§11-13Q-11. Forfeiture of Unused Tax Credits; Redetermination of Credit Allowed
(a) 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 its useful life, as determined under section eight of this article; or
§11-13Q-12. Recapture of Credit; Recapture Tax Imposed
(a) When recapture tax applies. — (1) Any person who places qualified investment property in service or use and who fails to use the qualified investment property for at least the period of its useful life (determined as of the time the property was placed in service or use), or the period of time over […]
§11-13Q-13. Transfer of Qualified Investment to Successors
(a) Mere change in form of business. — Property may not be treated as disposed of under section eleven of this article, by reason of a mere change in the form of conducting the business as long as the property is retained in the successor business in this state, and the transferor business retains a […]
§11-13Q-14. 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 qualified property: (1) Its identity;
§11-13Q-15. Failure to Keep Records of Investment Credit Property
A taxpayer who does not keep the records required for identification of investment credit property is subject to the following rules: (1) A taxpayer is treated as having disposed of, during the taxable year, any investment credit property which the taxpayer cannot establish was still on hand, in this state, at the end of that […]
§11-13Q-16. Interpretation and Construction
(a) No inference, implication or presumption of legislative construction or intent may be drawn or made by reason of the location or grouping of any particular section, provision or portion of this article; and no legal effect may be given to any descriptive matter or heading relating to any section, subsection or paragraph of this […]
§11-13Q-17. Severability
(a) If any provision of this article or the application thereof is for any reason adjudged by any court of competent jurisdiction to be invalid, the judgment may not affect, impair or invalidate the remainder of the article, but shall be confined in its operation to the provision thereof directly involved in the controversy in […]
§11-13Q-18. Burden of Proof; Application Required; Failure to Make Timely Application
(a) The burden of proof is on the taxpayer to establish by clear and convincing evidence that the taxpayer is entitled to the benefits allowed by this article. (b) Application for credit required. — (1) Application required. — Notwithstanding any provision of this article to the contrary, no credit is allowed or may be applied […]
§11-13Q-19. Business Eligible for Credit Entitlements
(a) Notwithstanding any other provision of this article to the contrary, except as provided in section five of this article, no entitlement to the economic opportunity tax credit may result from, and no credit is available to any taxpayer for, investment placed in service or use except for taxpayers engaged in the following industries or […]
§11-13Q-2. Legislative Finding and Purpose
The Legislature finds that the encouragement of economic opportunity in this state is in the public interest and promotes the general welfare of the people of this state. In order to encourage greater capital investment in businesses in this state and thereby increase economic opportunity in this state, there is hereby enacted the economic opportunity […]
§11-13Q-20. Tax Credit Review and Accountability
(a) Beginning on February 1, 2006, and every third year thereafter, the 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 effectiveness of the economic opportunity credit during the most recent three-year period for which […]
§11-13Q-21. Effective Date; Election; Notice of Claim or Election Under Transition Rules
(a) The credit allowed by this article is allowed for qualified investment placed in service or use on or after January 1, 2003, subject to the rules contained in this section. (b) Election. — Notwithstanding the general rule stated in subsection (a), the taxpayer may elect to apply the credit allowed under article thirteen-c of […]
§11-13Q-22. Credit Available for Taxpayers Which Do Not Satisfy the New Jobs Percentage Requirement
(a) Notwithstanding any provision of this article to the contrary, a taxpayer engaged in one or more of the industries or business activities specified in 11-13Q-19 of this code which does not satisfy the new jobs percentage requirement prescribed in 11-13Q-9(c) of this code but which otherwise fulfills the requirements prescribed in this article, is […]
§11-13Q-3. Definitions
(a) General. -– When used in this article, or in the administration of this article, terms defined in subsection (b) have the meanings ascribed to them by this section, unless a different meaning is clearly required by either the context in which the term is used, or by specific definition, in this article. (b) Terms […]
§11-13Q-4. Amount of Credit Allowed
(a) Credit allowed. — Eligible taxpayers are allowed a credit against the portion of taxes imposed by this state that are attributable to and the consequence of the taxpayer's qualified investment in a new or expanded business in this state, which results in the creation of new jobs. The amount of this credit is determined […]
§11-13Q-5. Credit Allowed for Locating Corporate Headquarters in This State
(a) Credit allowed. — A corporation that presently has its corporate headquarters located outside this state that relocates its corporate headquarters in this state and employs, on a full-time basis, at its new corporate headquarters location, at least fifteen people, who are domiciled in this state, is allowed credit under this article, the amount of […]
§11-13Q-6. Credit Allowable for Certified Projects
(a) In general. — A multiple year project certified by the commissioner is eligible for the credit allowable by this article. A project eligible for certification under this section is one where the qualified investment under this article creates at least the required minimum number of new jobs but the qualified investment is placed in […]