Bill Text: WV HB2127 | 2016 | Regular Session | Introduced
Bill Title: Relating to corporation net income tax for manufacturers of medical devices
Spectrum: Partisan Bill (Republican 11-0)
Status: (Introduced - Dead) 2016-01-13 - To House Finance [HB2127 Detail]
Download: West_Virginia-2016-HB2127-Introduced.html
West Virginia Legislature
2016 Regular Session
Introduced
House
Bill 2127
2015 Carryover
(By Delegates Howell, Householder, Border, Canterbury, Sobonya, R. Smith, Blair, Kessinger, Arvon, Zatezalo and Frich)
[Introduced January 13, 2016; referred to the
Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-24-25, relating to corporation net income tax for manufacturers of medical devices; allowing taxpayers a credit against corporation net income tax in the amount of federal medical device tax paid.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended and reenacted by adding thereto a new section, designated §11-24-25, to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-25. Credit for federal medical device tax.
Effective for taxable years beginning on or after January 1, 2015, a credit shall be allowed against the primary tax imposed in this article equal to the amount of a taxpayer's federal tax liability imposed by 26 USCS §4191 for the taxable year.
NOTE: The purpose of this bill is to allow manufacturers of medical devices a tax credit against corporation net income tax in the amount of federal medical device tax paid.
This section is new; therefore, it has been completely underscored.