Bill Text: WV SB201 | 2022 | Regular Session | Introduced
Bill Title: Providing tax credit to new graduates of in-state or out-of-state higher educational institution, community or technical college, or trade school
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2022-01-12 - To Education [SB201 Detail]
Download: West_Virginia-2022-SB201-Introduced.html
WEST virginia legislature
2022 regular session
Introduced
Senate Bill 201
By Senator Baldwin
[Introduced January 12, 2022;
referred
to the Committee on Education; and then to the Committee on Finance]
A BILL to amend and reenact §11-21-8 of the Code of West Virginia, 1931, as amended, relating to providing new graduates of an in-state or out-of-state higher educational institution, community or technical college, or trade school a $1,000 tax credit on the personal property tax of the graduate for five taxable years; providing rule-making authority to the Tax Commissioner; and removing expired language.
Be it enacted by the Legislature of West Virginia:
article 21. personal income tax.
§11-21-8. Credits against tax.
(a) Business and
occupation tax credit. -- A credit
shall be allowed against the tax imposed by §11-21-3 of this code equal to the
amount of the liability of the taxpayer for the taxable year for any tax
imposed under §11-13-1 et seq of this code: Provided, That the
amount of such the business and occupation tax credit shall
may not exceed the portion of the tax imposed by this article which is
attributable to the West Virginia taxable income derived by the taxpayer for
the taxable year from the business or occupation with respect to which said
the tax under §11-13-1 et seq. of this code was imposed. In case
the West Virginia taxable income of a taxpayer includes income from a
partnership, estate, trust, or a corporation electing to be taxed under
subchapter S of the Internal Revenue Code of 1954, as amended, a part of any
tax liability of the partnership, estate, trust, or corporation under said
§11-13-1 et seq. of this code shall be allowed to the taxpayer, in
computing the credit provided for by this section, in an amount proportionate
to the income of such partnership, estate, trust, or corporation, which is
included in the taxpayer’s West Virginia taxable income.
For purposes of this
section, the tax imposed under §11-13-1 et seq. of this code shall be
the amount of the liability of the taxpayer for such the tax
under said §11-13-1 et seq. of this code computed without
reduction for the tax credit for industrial expansion or revitalization allowed
for such the year.
(b) Severance tax
credit.--On and after July 1, 1987, a credit shall be allowed against the tax
imposed by section three of this article equal to the amount of the liability
of the taxpayer for the taxable year for any tax imposed under article
thirteen-a, chapter eleven of this code: Provided, That the amount of
such severance tax credit shall not exceed the portion of the tax imposed by
this article which is attributable to the West Virginia taxable income derived
by the taxpayer for the taxable year from the activities with respect to which
said tax under article thirteen-a was imposed. In case the West Virginia
taxable income of a taxpayer includes income from a partnership, estate, trust
or a corporation electing to be taxed under subchapter S of the Internal
Revenue Code of 1954, as amended, a part of any tax liability of the
partnership, estate, trust or corporation under said article thirteen-a shall
be allowed to the taxpayer, in computing the credit provided for by this
section, in an amount proportionate to the income of such partnership, estate,
trust or corporation, which is included in the taxpayer’s West Virginia taxable
income.
(c) Expiration of
credit.--The credit authorized in subsection (b) of this section shall expire
and not be authorized or allowed for any taxable year beginning on or after
October 1, 1990
(b) New graduate tax credit. – Any person graduating from an in-state or out-of-state four-year educational institution, community or technical college, or trade school is eligible for a $1,000 tax credit on the person’s personal income tax. The tax credit may be claimed for five taxable years, including the graduation year. The Tax Commissioner may require any information necessary to validate that a person graduated and may propose for promulgation any rules necessary to effectuate the provisions of this section pursuant to §29A-3-1 et seq. of this code.
NOTE: The purpose of this bill is to provide new graduates of an in-state or out-of-state higher educational institution, community or technical college, or trade school, a $1,000 tax credit on the income tax of the graduate for five taxable years; providing rule-making authority to the Tax Commissioner; and removing expired language from this section.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
