SB 302
Tax Department rule relating to Downstream Natural Gas Manufacturing Investment Tax Credit
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 302 authorizes the West Virginia Tax Department to create a detailed rule outlining the requirements and procedures for the Downstream Natural Gas Manufacturing Investment Tax Credit. This rule will provide specific guidance on which investments qualify for the credit and how businesses can apply. The goal is to clarify and standardize the application process for this tax incentive. The bill focuses solely on the rule-making authority, not the creation or modification of the tax credit itself.
Key provisions
- Authorizes the Tax Department to develop a legislative rule.
- The rule will pertain to the Downstream Natural Gas Manufacturing Investment Tax Credit.
- The rule is intended to provide specific guidelines for the tax credit.
- The rule is based on existing authority under §11-13GG-16 of the Code of West Virginia.
Who is affected
- Businesses involved in downstream natural gas manufacturing
- The West Virginia Tax Department
- Potential recipients of the investment tax credit
Notable changes
- Establishes a formal rule-making process for the Downstream Natural Gas Manufacturing Investment Tax Credit.
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