Bill Text: WV HB4552 | 2022 | Regular Session | Introduced
Bill Title: The West Virginia Build Back Businesses Tax Credit, companies employing 50 or fewer people are eligible to receive $500 per individual hired
Spectrum: Partisan Bill (Republican 11-0)
Status: (Introduced - Dead) 2022-02-03 - To House Finance [HB4552 Detail]
Download: West_Virginia-2022-HB4552-Introduced.html
WEST VIRGINIA LEGISLATURE
2022 REGULAR SESSION
Introduced
House Bill 4552
By Delegates Hamrick, Howell,
Ellington, Ferrell, Barrett, Hardy, Statler, Toney, Storch, Linville, and Riley
[Introduced February 03, 2022; 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 §11-13MM-1, relating to a tax credit for certain employers who employ West Virginia community and technical college graduates; providing for the application to corporation net income taxes; and setting forth limitation.
Be it enacted by the Legislature of West Virginia:
ARTICLE 13MM. West Virginia Build Back Businesses tax credit.
§11-13MM-1. Tax credit for employment of West Virginia community and technical college graduates; application to corporation net income taxes; and limitation.
(a) For taxable years beginning on and after January 1, 2023, there is allowed a one-time $500 credit for any taxpayer with 50 or fewer employees against certain taxes imposed by this state as described in subsection (b) of this section for wages paid to an employee hired within one year of the employee having received a degree or certificate from a West Virginia community and technical college. This tax credit shall be known and cited as the West Virginia Build Back Businesses Tax Credit.
(b) Application of credit allowance to corporation net income taxes. — The amount of credit set forth in subsection (a) of this section is allowed as a credit against the taxpayer’s state tax liability imposed by §11-24-1 et seq. of this code for the taxable year.
(c) A credit is not allowed under this section against any employer withholding taxes imposed by §11-21-1 et seq. of this code.
NOTE: The purpose of this bill relates to a tax credit for certain employers who employ West Virginia community and technical college graduates. The bill provides for the application of the credit to corporation net income taxes and sets forth a limitation.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.
