SB 304
Tax Department rule relating to commercial patent incentives tax credits
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 304 authorizes the West Virginia Tax Department to create a detailed rule outlining the procedures and requirements for claiming the commercial patent incentives tax credit. This rule, designated as 110 CSR 13Q, will provide specific guidelines for businesses seeking to utilize this tax credit. The bill ensures the Tax Department has the legal authority to establish clear regulations for this incentive program.
Key provisions
- Authorizes the Tax Department to develop a legislative rule.
- The rule will pertain to commercial patent incentives tax credits.
- The rule is designated as 110 CSR 13Q.
- This authorization stems from §11-13AA-10 of the West Virginia Code.
Who is affected
- Businesses
- Patent holders
- West Virginia taxpayers
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