§11-13C-1. Short Title
This article may be cited as the "West Virginia Business Investment and Jobs Expansion Tax Credit Act."
§11-13C-10. 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;
§11-13C-11. 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 shall be 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 […]
§11-13C-12. Interpretation and Construction
(a) No inference, implication or presumption of legislative construction or intent shall 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 shall be given to any descriptive matter or heading relating to any section, subsection or paragraph of this […]
§11-13C-13. Severability
(a) If any provision of this article or the application thereof shall for any reason be adjudged by any court of competent jurisdiction to be invalid, such judgment shall not affect, impair or invalidate the remainder of said article, but shall be confined in its operation to the provision thereof directly involved in the controversy […]
§11-13C-14. Restrictions and Limitations on Credits Allowed by This Article
(a) Findings. — The Legislature finds that the tax credits allowed under provisions of this article heretofore enacted have not effectively and efficiently increased employment through investment in certain industry segments; that while there has been a significant net decrease in employment in the coal industry in recent years the amount of credit being claimed […]
§11-13C-15. Continuing Suspension of New Credit Entitlements, Exceptions, Effective Date
(a) Notwithstanding any other provision of this article to the contrary, no entitlement to the business investment and jobs expansion tax credit under this article shall result from, and no credit shall be available to any taxpayer for, investment placed in service or use after April 10, one thousand nine hundred ninety-three. (b) The suspension […]
§11-13C-16. Termination of Credit; Effective Date
(a) Notwithstanding any other provision of this article to the contrary, no entitlement to any tax credit under this article may result from, and no credit is available to any taxpayer for, investment placed in service or use after December 31, 2002. (b) Notwithstanding the provisions of subsection (a) of this section, the provisions of […]
§11-13C-2. Legislative Finding and Purpose
The Legislature finds that the encouragement of economic growth and development in this state is in the public interest and promotes the general welfare of the people of this state. In order to encourage capital investment in businesses in this state and thereby increase employment and economic development, there is hereby provided a business investment […]
§11-13C-3. Definitions
(a) General. — When used in this article, or in the administration of this article, terms defined in subsection (b) shall 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) […]
§11-13C-4. Amount of Credit Allowed
(a) Credit allowed. — Eligible taxpayers shall be 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 shall […]
§11-13C-4a. 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, shall be allowed credit under this article, the amount […]
§11-13C-4b. Credit Allowable for Certified Projects
(a) In general. — A project certified by the Tax Commissioner shall be eligible for the credit allowable by this article. A project eligible for certification under this section is one where: (1) The qualified investment under this article creates at least fifty new jobs but such qualified investment is placed in service or use […]
§11-13C-5. Application of Annual Credit Allowance
(a) In general. — The aggregate annual credit allowance for the current taxable year is an amount equal to the sum of the following as modified under subsections (o) and (p) of this section: (1) The one-tenth part allowed under section four of this article for qualified investment placed into service or use during a […]
§11-13C-6. Qualified Investment
(a) General. — The qualified investment in property purchased or leased for business expansion shall be the applicable percentage of the cost of each property purchased or leased for the purpose of business expansion which is placed in service or use in this state by the taxpayer during the taxable year. (b) Applicable percentage. — […]
§11-13C-7. New Jobs Percentage
(a) In general. — The new jobs percentage is based on the number of new jobs created in this state that are directly attributable to the qualified investment of the taxpayer. (b) Applicable percentage. — For the purpose of subsection (a), the applicable new jobs percentage shall be determined under the following table: If number […]
§11-13C-7a. Small Business Credit
(a) "Small business" defined. — For purposes of this section, the term "small business" means a business which has an annual payroll of $1,500,000 or less, or annual gross sales of not more than $5,000,000: Provided, That beginning January 1, 1989, and each January 1 thereafter, the Tax Commissioner shall prescribe amounts which shall apply […]
§11-13C-8. 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 six of this article; or
§11-13C-8a. Recapture of Credit; Recapture Tax Imposed
(a) When recapture tax applies. — (1) Any person who places business investment and jobs expansion tax credit property in service or use after March 12, 1994, and who fails to use such qualified investment property for at least the period of its useful life (determined as of the time the property was placed in […]
§11-13C-9. Transfer of Qualified Investment to Successors
(a) Mere change in form of business. — Property shall not be treated as disposed of under section eight of this article, by reason of a mere change in the form of conducting the business as long as the property is retained in a business in this state, and the taxpayer retains a controlling interest […]