§5E-1-6. Qualification of West Virginia Capital Companies
(a) The authority shall qualify West Virginia capital companies commencing after the effective date of this article. A company seeking to be qualified as a West Virginia capital company shall make written application to the authority on forms provided by the authority. The application shall contain the information required by section ten of this article. […]
§5E-1-7. Minimum Standards of Qualified West Virginia Capital Companies
The following requirements apply to all qualified companies: (a) A qualified company shall be a certified West Virginia capital company. (b) A qualified company shall have a reasonably accessible business office located within the State of West Virginia, which office has a listed telephone number and is open to the public during normal business hours. […]
§5E-1-8. Tax Credits
(a) The total amount of tax credits authorized for a single qualified company may not exceed $2 million. The total amount of tax credits authorized for a single economic development and technology advancement center may not exceed $1 million. Capitalization of the company or center may be increased pursuant to rule of the authority. (b) […]
§5E-1-9. Recaptures; Unqualified Investments
A taxpayer receiving a credit hereunder is not subject to a recapture provision for any credit claimed by the taxpayer but the company is subject to the civil penalty provided for in subsection (e), section twelve of this article.
§5E-1-1. Short Title
The article may be cited as the "West Virginia Capital Company Act."
§5E-1-2. Declaration of Policy
(a) The Legislature finds and declares that the West Virginia economy can be strengthened by promoting private investment in West Virginia businesses. (b) The Legislature further finds that: (1) Investment of capital in the West Virginia economy can be promoted by making tax credits available to taxpayers investing in West Virginia capital companies;
§5E-1-3. Purposes
(a) The purpose of this article is to promote the development of the human resources and the diversification of the economy of West Virginia. The investment capital generated by this article must be used to encourage and assist the strengthening of the economy through loans, equity investments, and other business transactions for purposes of developing […]
§5E-1-4. Definitions
As used in this article, the following terms have the meanings ascribed to them in this section, unless the context in which the term is used clearly requires another meaning or a specific different definition is provided: (a) "Authority" means the West Virginia economic development authority, provided for in article fifteen, chapter thirty-one of this […]