§5E-1-20. Limitation on Financial Institutions
Not more than forty-nine percent of the total capital base of any capital company which is not a small business investment company may be owned by banks, savings and loan associations, savings banks or other financial institutions, or any affiliate thereof, as investors. No officer, employee or director of any such financial institution may vote […]
§5E-1-21. Confidentiality
(a) The authority shall, by the promulgation of rules, determine which records, reports, or information obtained from any person or entity under this article are to be treated by the agency as confidential and not subject to disclosure, except as hereinafter provided in subsection (c) of this section: Provided, That notwithstanding any other provision of […]
§5E-1-22. Decertification of Qualified Capital Companies Other Than Small Business Investment Companies
Notwithstanding any provision in this article to the contrary, the authority may not hereafter allocate credit to any applicant other than a small business investment company. Every qualified capital company that is not a small business investment company may no longer be considered a qualified capital company and shall, without any further action, be decertified. […]
§5E-1-23. Elimination of Credit; Effective Date
Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article shall result from, and no tax credit shall be available to, any taxpayer for any investment in a West Virginia capital company made after December 31, 2006: Provided, That the provisions of this article shall continue […]
§5E-1-15. Investment Reporting and Record Keeping
(a) Each qualified West Virginia capital company shall report, at a minimum, to the Tax Commissioner and the authority on a semiannual basis: (1) The name of each investor in the qualified West Virginia capital company who is entitled to a tax credit;
§5E-1-16. Examination
(a) Annually each qualified capital company and center shall cause its books and records to be audited by an independent certified public accountant in accordance with generally accepted auditing and accounting principles. In addition to the performance of a financial audit, the audit shall address the methods of operation and conduct of the business of […]
§5E-1-17. Failure to Comply
(a) If the examination conducted pursuant to section sixteen of this article discloses that a West Virginia capital company or center is not in compliance with the provisions of this article, the authority may exercise any of the powers necessary and appropriate to protect the authority's interest. (b) The authority shall give a West Virginia […]
§5E-1-18. Ruling Procedure
(a) The authority may issue an informal ruling as to its position on the application of this article and the rules promulgated thereunder to a stated transaction or event. (b) Such rulings will only be issued after receipt of a written request and payment of a nonrefundable filing fee. (c) Such rulings shall not constitute […]
§5E-1-19. Effective Date; Transition Rules
(a) The provisions of subsection (d), section eight of this article relating to credit carryback that were in effect on January 1, 1990, apply to any credit earned prior to the effective date of the amendments to that subsection, notwithstanding the fact that the taxpayer's taxable year does not end until a date on or […]
§5E-1-10. Application Requirements
(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth: (1) The capitalization level of capital company;