SB 243
Establishing disaster repair and recovery effort tax credit for taxpayers subject to severance and business privilege tax in certain circumstances
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes a tax credit for West Virginia taxpayers who contribute to disaster repair and recovery efforts. These taxpayers, subject to severance and business privilege tax, can claim a credit against their tax liability for eligible expenditures related to repairing public property and infrastructure after a disaster. The credit is capped at 20% of their annual severance tax liability and can be carried forward for up to 10 years. The bill requires certification of projects by the Department of Environmental Protection and sets limits on the total amount of credits that can be awarded.
Key provisions
- Creates a tax credit for eligible taxpayers who fund disaster repair and recovery efforts.
- The credit is capped at 20% of an eligible taxpayer’s annual severance tax liability.
- Eligible expenditures include labor, materials, services, and equipment used for debris removal, infrastructure repair, and construction.
- Tax credits can be carried forward for up to 10 years.
- Projects must be certified by the Secretary of the Department of Environmental Protection before a credit can be claimed.
- The total amount of credits certified is limited to $5 million annually.
- The bill allows for the transfer of tax credits to successor businesses.
- Requires the Department of Environmental Protection and the Tax Commissioner to create implementing rules.
Who is affected
- Taxpayers subject to severance and business privilege tax in West Virginia
- Businesses involved in disaster repair and recovery efforts
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