SB 508
Permitting businesses to receive tax credit for using WV manufactured products
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates a tax credit for businesses operating in West Virginia that purchase products manufactured within the state. Eligible businesses can receive a tax credit of up to 50% of the purchase costs, provided they maintain their corporate headquarters in West Virginia and provide proof of purchase upon request. The total credit available per taxpayer is capped at $100,000, and unused credits can be carried forward for a maximum of four years.
Key provisions
- Businesses can receive a tax credit of up to 50% on purchases of West Virginia-manufactured products.
- Eligible businesses must maintain their corporate headquarters in West Virginia.
- Proof of purchase must be provided upon request.
- A maximum credit of $100,000 is allowed per taxpayer.
- Unused credits can be carried forward for up to four years.
- Credits are applied to reduce franchise and net income taxes.
- Tax credits are allocated among members of LLCs, partnerships, and electing small business corporations.
- The total combined credit for a taxpayer and its owners cannot exceed $10,000 in any given year.
Who is affected
- Businesses operating in West Virginia
- Manufacturers in West Virginia
- Taxpayers in West Virginia
- Limited Liability Companies
- Electing Small Business Corporations
Notable changes
- Creates a new tax credit specifically for purchasing West Virginia-manufactured products.
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