Bill Text: WV HB4027 | 2022 | Regular Session | Introduced
Bill Title: Relating to increasing the limit on value of agricultural products under the Farm-To-Food Bank Tax Credit
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2022-02-09 - To House Finance [HB4027 Detail]
Download: West_Virginia-2022-HB4027-Introduced.html
WEST virginia legislature
2022 regular session
Introduced
House Bill 4027
By Delegate Lovejoy
[Introduced January 12, 2022; Referred to the Committee on Agriculture and Natural Resources then Finance]
A BILL to amend and reenact §11-13DD-3 of the Code of West Virginia, 1931, as amended, relating to the Farm-To-Food Bank Tax Credit; raising the limit on the tax credit from $2,500 to $5,000; and providing that the credit apply retroactively to January 1, 2022.
Be it enacted by the Legislature of West Virginia:
ARTICLE 13DD. WEST VIRGINIA FARM-TO-FOOD BANK TAX credit.
§11-13DD-3. Amount of credit; limitation of credit.
(a) There is allowed to farming taxpayers who make donations of edible agricultural products to one or more nonprofit food programs in this state, a credit against taxes imposed by §11-21-1 et seq. and §11-24-1 et seq. of this code in the amount set forth in this section.
(b) The amount of the
credit is equal to 30 percent of the value of the
donated edible agricultural products, but not to exceed $2,500 $5,000
during a taxable year or the total amount of tax imposed by §11-21-1 et seq.
or §11-24-1 et seq. of this code, whichever is less, in the year of
donations.
(c) If the amount of the credit exceeds the taxpayer’s tax liability for the taxable year, the amount which exceeds the tax liability may be carried over and applied as a credit against the tax liability of the taxpayer pursuant to §11-21-1 et seq. or §11-24-1 et seq. of this code to each of the next four taxable years unless sooner used.
(d) No more than $200,000
of tax credits may be allocated to by the department in any
fiscal year. The department shall allocate the tax credits in the order the
donation forms are received.
(e) It is the intent of the Legislature in enacting the amendments to this section during the 2022 regular session of the Legislature that the amendments be applied retroactively to apply to any donations of qualifying edible agricultural products to one or more nonprofit food programs in this State made on or after January 1, 2022.
NOTE: The purpose of this bill is to raise the limit on the Farm-To-Food Bank Tax Credit from $2,500 to $5,000 and provide that the credit apply retroactively to January 1, 2022
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
