§11-13U-1. Short Title
This article may be cited as the "High-Growth Business Investment Tax Credit."
§11-13U-10. Effective Date; Expiration of Credit
The provisions of this article become effective on July 1, 2005, and apply only to qualified investment made on or after that date: Provided, That no entitlement to the tax credit shall result from any qualified investment made after June 30, 2008: Provided, however, That unless sooner terminated by law, the high growth business investment […]
§11-13U-2. Legislative Finding and Purpose
The Legislature finds the encouragement of investment in potentially high-growth research and development businesses in this state is in the public interest and promotes economic growth and development for the people of this state. In order to encourage investment in start-up, growth-oriented, research and development businesses in this state and thereby increase employment and economic […]
§11-13U-3. 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: (1) "Alter ego" means a qualified research and development company where one or more of the following criteria […]
§11-13U-4. High-Growth Business Investment Tax Credit
(a) Credit allowed. — There shall be allowed to each eligible taxpayer in a qualified research and development company that maintains its corporate headquarters in West Virginia a tax credit for the taxable year in which the investment was made. The total tax credit that may be used by an eligible taxpayer shall be equal […]
§11-13U-5. Restrictions on Investment
(a) No qualified investment may be made in a qualified research and development company that is the alter ego of the eligible taxpayer. (b) The eligible taxpayer shall maintain its qualified investment for a minimum period of five years: Provided, That an eligible taxpayer receiving repayment or return of a qualified investment (exclusive of interest, […]
§11-13U-6. Penalty
An eligible taxpayer that fails to maintain a qualified investment for the required period of time stated in section five of this article shall pay to the State Tax Commissioner a penalty equal to all of the tax credits asserted under this article by the eligible taxpayer with interest, calculated at the rate set forth […]
§11-13U-7. Disclosure of Tax Credits
Notwithstanding any provision in this code to the contrary, the Tax Commissioner shall annually publish in the state register the name and address of every eligible taxpayer and the amount of any tax credit asserted under this article.
§11-13U-8. Tax Credit Review and Accountability
(a) Beginning on February 1, 2006, and on February 1 every third year thereafter, the Tax 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 tax credit allowed under this article during […]
§11-13U-9. Rules
The State Tax Department and the economic development authority may promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration of this article.